Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Emerging Markets Debt Angst, Technical Selling, Gaming/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 18.31 -4.64%

• Euro/Yen Carry Return Index 150.95 -.29%

• Emerging Markets Currency Volatility(VXY) 10.76 -.37%

• S&P 500 Implied Correlation 66.59 -1.97%

• ISE Sentiment Index 64.0 +10.34%

• Total Put/Call 1.23 +30.85%

• NYSE Arms 1.45 -24.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.09 +1.11%
• America Energy Sector High-Yield CDS Index 641.0 +1.3%

• European Financial Sector CDS Index 62.87 -6.73%

• Western Europe Sovereign Debt CDS Index 24.97 -8.47%
• Asia Pacific Sovereign Debt CDS Index 68.39 +1.64%

• Emerging Market CDS Index 346.75 +2.51%

• China Blended Corporate Spread Index 342.45 +3.32%
• 2-Year Swap Spread 22.75 -.25 basis point

• TED Spread 22.50 -1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -14.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% -2.0 basis points

• Yield Curve 146.0 -5.0 basis points

• China Import Iron Ore Spot $71.26/Metric Tonne unch.

• Citi US Economic Surprise Index 28.30 -6.4 points
• Citi Eurozone Economic Surprise Index 9.0 -1.2 points

• Citi Emerging Markets Economic Surprise Index -11.90 +.5 point

• 10-Year TIPS Spread 1.71 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +25 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• 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