Stocks Slightly Lower into Afternoon on Global Growth Fears, Emerging Markets Debt Angst, Technical Selling, Metals & Mining/Road & Rail Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.24 -1.84%

• Euro/Yen Carry Return Index 154.77 +.49%

• Emerging Markets Currency Volatility(VXY) 8.52 -1.16%

• S&P 500 Implied Correlation 65.77 +.14%

• ISE Sentiment Index 75.0 -44.85%

• Total Put/Call 1.03 +32.05%

• NYSE Arms 1.42 +83.76% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.75 +.32%

• European Financial Sector CDS Index 58.75 +.89%

• Western Europe Sovereign Debt CDS Index 26.73 -.09%
• Asia Pacific Sovereign Debt CDS Index 62.66 +1.54%

• Emerging Market CDS Index 293.30 +.70%

• China Blended Corporate Spread Index 326.01 -.59%
• 2-Year Swap Spread 21.0 unch.

• TED Spread 23.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 172.0 -1.0 basis point

• China Import Iron Ore Spot $71.25/Metric Tonne +2.89%

• Citi US Economic Surprise Index 12.10 -.1 point
• Citi Eurozone Economic Surprise Index -25.60 +.6 point

• Citi Emerging Markets Economic Surprise Index -4.9 -.7 point

• 10-Year TIPS Spread 1.78 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +8 open in Japan

• DAX Futures: Indicating +72 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long