Stocks Falling into Final Hour on Global Growth Fears, European/Emerging Markets Debt Angst, Euro/Oil Weakness, Biotech/Metals & Mining 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) 15.03 +3.58%

• Euro/Yen Carry Return Index 134.54 -.97%

• Emerging Markets Currency Volatility(VXY) 10.55 -.28%

• S&P 500 Implied Correlation 64.67 +1.51%

• ISE Sentiment Index 72.0 -15.29%

• Total Put/Call 1.04 +14.29%

• NYSE Arms 1.18 +137.83% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.94 -.08%

• America Energy Sector High-Yield CDS Index 1,049.0 +2.27%

• European Financial Sector CDS Index 66.23 +.53%

• Western Europe Sovereign Debt CDS Index 22.19 +2.75%

• Asia Pacific Sovereign Debt CDS Index 59.99 -.83%

• Emerging Market CDS Index 320.61 +1.41%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.35 +.04%

• 2-Year Swap Spread 25.0 +.75 basis point

• TED Spread 25.0 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -25.0 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 138.0 unch.

• China Import Iron Ore Spot $51.35/Metric Tonne -2.54%

• Citi US Economic Surprise Index -58.6 +2.2 points

• Citi Eurozone Economic Surprise Index 58.40 -6.5 points

• Citi Emerging Markets Economic Surprise Index .3 +1.1 points

• 10-Year TIPS Spread 1.77 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +99 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long