Stocks Lower into Afternoon on Rising Global Growth Fears, Emerging Market/US High-Yield Debt Angst, Earnings Worries, Financial/Homebuilder 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) 20.11 -4.01%

• Euro/Yen Carry Return Index 143.26 +.49%

• Emerging Markets Currency Volatility(VXY) 11.05 unch.

• S&P 500 Implied Correlation 65.34 -3.03%

• ISE Sentiment Index 70.0 -46.15%

• Total Put/Call .74 -18.68%

• NYSE Arms 1.04 +88.37% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.44 +1.04%
• America Energy Sector High-Yield CDS Index 747.0 +.10%

• European Financial Sector CDS Index 64.16 -.52%

• Western Europe Sovereign Debt CDS Index 24.96 -.97%
• Asia Pacific Sovereign Debt CDS Index 74.8 -2.43%

• Emerging Market CDS Index 389.20 +.54%

• China Blended Corporate Spread Index n/a
• 2-Year Swap Spread 24.5 +.5 basis point

• TED Spread 23.5 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -16.25 +2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 131.0 -3.0 basis points

• China Import Iron Ore Spot $68.16/Metric Tonne +.1%

• Citi US Economic Surprise Index 4.80 -2.4 points
• Citi Eurozone Economic Surprise Index -3.3 +.5 point

• Citi Emerging Markets Economic Surprise Index -13.80 +1.9 points

• 10-Year TIPS Spread 1.60 unch.

Overseas Futures:

• Nikkei Futures: Indicating +71 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long