Stocks Falling into Final Hour on Gobal Growth Fears, Rising Emerging Markets/US High-Yield Debt Angst, Earnings Worries, Energy/Technology Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 19.98 +13.85%

• Euro/Yen Carry Return Index 146.33 -.15%

• Emerging Markets Currency Volatility(VXY) 10.49 +1.45%

• S&P 500 Implied Correlation 65.81 +1.05%

• ISE Sentiment Index 109.0 +43.43%

• Total Put/Call 1.08 +12.5%

• NYSE Arms 1.32 -9.13% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.80 +2.08%

• America Energy Sector High-Yield CDS Index 712.0 +1.3%

• European Financial Sector CDS Index 69.47 -1.88%

• Western Europe Sovereign Debt CDS Index 27.88 -4.08%

• Asia Pacific Sovereign Debt CDS Index 74.01 +.22%

• Emerging Market CDS Index 393.16 +3.85%

• China Blended Corporate Spread Index 366.63 +.31%

• 2-Year Swap Spread 22.75 -.75 basis point

• TED Spread 23.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 136.0 -4.0 basis points

• China Import Iron Ore Spot $70.30/Metric Tonne -1.24%

• Citi US Economic Surprise Index 30.80 +.1 point

• Citi Eurozone Economic Surprise Index .1 -.7 point

• Citi Emerging Markets Economic Surprise Index -16.20 +.7 point

• 10-Year TIPS Spread 1.57 -5.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -283 open in Japan

• DAX Futures: Indicating -25 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical sector longs, index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long