Stocks Falling into Final Hour on Global Growth Fears, Rising Eurozone Debt Angst, Earnings Worries, Tech/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most sectors declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.19 +10.79%

• Euro/Yen Carry Return Index 139.78 +.57%

• Emerging Markets Currency Volatility(VXY) 10.07 -.20%

• S&P 500 Implied Correlation 66.82 +2.34%

• ISE Sentiment Index 106.0 +45.21%

• Total Put/Call 1.05 +16.67%

• NYSE Arms 1.32 +43.80% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.97 +1.80%
• America Energy Sector High-Yield CDS Index 739.0 +1.84%

• European Financial Sector CDS Index 59.78 +4.03%

• Western Europe Sovereign Debt CDS Index 23.67 +.38%
• Asia Pacific Sovereign Debt CDS Index 70.51 +1.13%

• Emerging Market CDS Index 392.78 +.33%

• iBoxx Offshore RMB China Corporates High Yield Index 112.29 +.46%
• 2-Year Swap Spread 25.0 -.25 basis point

• TED Spread 24.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 -1.0 basis point

Economic Gauges:

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

• Yield Curve 131.0 unch.

• China Import Iron Ore Spot $63.50/Metric Tonne -.06%

• Citi US Economic Surprise Index -3.70 unch.
• Citi Eurozone Economic Surprise Index 0.0 +.4 point

• Citi Emerging Markets Economic Surprise Index -11.0 -.5 point

• 10-Year TIPS Spread 1.65 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -123 open in Japan

• DAX Futures: Indicating +43 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long