Stocks Slightly Lower into Final Hour on Less Dovish Fed Commentary, Global Growth Fears, Emerging Markets/European Debt Angst, Financial/Healthcare Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.68 +.78%

• Euro/Yen Carry Return Index 144.47 -.29%

• Emerging Markets Currency Volatility(VXY) 5.94 +.84%

• S&P 500 Implied Correlation 50.06 -1.07%

• ISE Sentiment Index 114.0 +20.0%

• Total Put/Call .83 -3.49%

• NYSE Arms .97 -6.58% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.88 +1.34%

• European Financial Sector CDS Index 63.15 +4.12%

• Western Europe Sovereign Debt CDS Index 28.75 +2.79%

• Asia Pacific Sovereign Debt CDS Index 73.88 +.97%

• Emerging Market CDS Index 230.04 +2.18%

• China Blended Corporate Spread Index 308.78 unch.

• 2-Year Swap Spread 12.5 +.5 basis point

• TED Spread 20.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% +2.0 basis points

• Yield Curve 206.0 -2.0 basis  points

• China Import Iron Ore Spot $95.30/Metric Tonne +1.71%

• Citi US Economic Surprise Index -23.10 -2.8 points

• Citi Emerging Markets Economic Surprise Index -3.30 unch.

• 10-Year TIPS Spread 2.26 unch.

Overseas Futures:

• Nikkei Futures: Indicating +28 open in Japan

• DAX Futures: Indicating +29 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech sector longs

• Disclosed Trades: None

• Market Exposure: 50% Net Long