Stocks Lower into Final Hour on Global Growth Fears, European/US High-Yield Debt Angst, Oil Drop, Commodity/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.09 +.86%

• Euro/Yen Carry Return Index 134.15 -1.62%

• Emerging Markets Currency Volatility(VXY) 10.70 +1.04%

• S&P 500 Implied Correlation 59.46 +4.41%

• ISE Sentiment Index 68.0 -11.69%

• Total Put/Call .87 -10.31%

• NYSE Arms 1.80 +112.88% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.30 +1.70%

• America Energy Sector High-Yield CDS Index 1,020.0 +40.1%%

• European Financial Sector CDS Index 61.80 +4.0%

• Western Europe Sovereign Debt CDS Index 23.65 +1.52%

• Asia Pacific Sovereign Debt CDS Index 63.20 -.60%

• Emerging Market CDS Index 410.92 +.10%

• iBoxx Offshore RMB China Corporates High Yield Index 114.09 +.08%

• 2-Year Swap Spread 26.0 +.5 basis point

• TED Spread 23.25 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 -3.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -2.0 basis points

• Yield Curve 136.0 -3.0 basis points

• China Import Iron Ore Spot $55.0/Metric Tonne -.87%

• Citi US Economic Surprise Index -72.10 -.2 point

• Citi Eurozone Economic Surprise Index 40.30 -.2 point

• Citi Emerging Markets Economic Surprise Index -1.5 -2.1 points

• 10-Year TIPS Spread 1.80 +7.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -21 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long