Stocks Lower into Final Hour on Global Growth Fears, Earnings Worries, Yen Strength, Healthcare/Metals & Mining Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.22 -1.10%

• Euro/Yen Carry Return Index 138.30 -1.68%

• Emerging Markets Currency Volatility(VXY) 10.79 +.85%

• S&P 500 Implied Correlation 64.80 +1.12%

• ISE Sentiment Index 85.0 -52.51%

• Total Put/Call 1.25 +38.89%

• NYSE Arms 1.51 93.08% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.22 -1.21%
• America Energy Sector High-Yield CDS Index 732.0 -1.51%

• European Financial Sector CDS Index 57.86 -3.49%

• Western Europe Sovereign Debt CDS Index 23.21 -6.65%
• Asia Pacific Sovereign Debt CDS Index 67.99 -.67%

• Emerging Market CDS Index 388.02 -1.38%

• China Blended Corporate Spread Index n/a
• 2-Year Swap Spread 25.25 +.5 basis point

• TED Spread 24.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 131.0 -7.0 basis points

• China Import Iron Ore Spot $66.42/Metric Tonne -.55%

• Citi US Economic Surprise Index -1.50 -5.5 points
• Citi Eurozone Economic Surprise Index -.5 +3.1 points

• Citi Emerging Markets Economic Surprise Index -10.30 +1.8 points

• 10-Year TIPS Spread 1.60 -4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -72 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

• Higher: On gains in my biotech/retail sector longs and emerging markets shorts 

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

• Market Exposure: Moved to 25% Net Long