Stocks Slightly Lower into Final Hour on Rising Emerging Markets Debt Angst, Global Growth Fears, Technical Selling, Energy/Hospital Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.07 +.56%

• Euro/Yen Carry Return Index 144.59 -.30%

• Emerging Markets Currency Volatility(VXY) 8.16 -.49%

• S&P 500 Implied Correlation 56.91 +2.89%

• ISE Sentiment Index 72.0 -20.0%

• Total Put/Call 1.14 +29.55%

• NYSE Arms 1.22 -31.07% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.59 -3.56%

• European Financial Sector CDS Index 63.42 -6.13%

• Western Europe Sovereign Debt CDS Index 30.17 -.89%
• Asia Pacific Sovereign Debt CDS Index 71.42 -2.45%

• Emerging Market CDS Index 285.87 +1.92%

• China Blended Corporate Spread Index 318.07 +2.19%
• 2-Year Swap Spread 24.75 unch.

• TED Spread 22.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -10.50 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +2.0 basis points

• Yield Curve 192.0 unch.

• China Import Iron Ore Spot $77.50/Metric Tonne -.26%

• Citi US Economic Surprise Index 17.90 -7.0 basis points

• Citi Emerging Markets Economic Surprise Index -20.30 -6.0 points

• 10-Year TIPS Spread 1.97 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +22 open in Japan

• DAX Futures: Indicating -30 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long