Stocks Falling Substantially into Final Hour on Global Growth Fears, Earnings Worries, Technical Selling, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.76 +8.37%

• Euro/Yen Carry Return Index 136.97 +.23%

• Emerging Markets Currency Volatility(VXY) 10.33 +.39%

• S&P 500 Implied Correlation 64.64 +2.70%

• ISE Sentiment Index 80.0 +3.90%

• Total Put/Call .99 -2.94%

• NYSE Arms .94 -38.40% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.10 +2.09%
• America Energy Sector High-Yield CDS Index 1,023.0 +.69%

• European Financial Sector CDS Index 67.85 -.27%

• Western Europe Sovereign Debt CDS Index 22.53 -.40%
• Asia Pacific Sovereign Debt CDS Index 61.32 +1.49%

• Emerging Market CDS Index 316.03 +1.32%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.10 +.06%
• 2-Year Swap Spread 26.25 -1.0 basis point

• TED Spread 23.5 -2.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 132.0 +1.0 basis points

• China Import Iron Ore Spot $55.81/Metric Tonne -.09%

• Citi US Economic Surprise Index -61.90 -4.1 points
• Citi Eurozone Economic Surprise Index 53.10 +2.1 points

• Citi Emerging Markets Economic Surprise Index -3.6 -4.3 points

• 10-Year TIPS Spread 1.80 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -166 open in Japan

• DAX Futures: Indicating +27 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long