Stocks Reversing Lower into Final Hour on Earnings Worries, Global Growth Fears, Technical Selling, Utility/Hospital Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.45 +.30%

• Euro/Yen Carry Return Index 136.59 -.20%

• Emerging Markets Currency Volatility(VXY) 10.29 -.10%

• S&P 500 Implied Correlation 63.13 -.69%

• ISE Sentiment Index 52.0 -40.91%

• Total Put/Call .98 +13.95%

• NYSE Arms 1.43 +48.22% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.41 -.40%

• America Energy Sector High-Yield CDS Index 1,013.0 -.81%

• European Financial Sector CDS Index 67.99 +1.04%

• Western Europe Sovereign Debt CDS Index 22.62 +3.98%

• Asia Pacific Sovereign Debt CDS Index 60.72 +.70%

• Emerging Market CDS Index 313.88 -1.32%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.03 -.18%

• 2-Year Swap Spread 26.25 -1.0 basis point

• TED Spread 25.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 -1.0 basis point

Economic Gauges:

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

• Yield Curve 131.0 -3.0 basis points

• China Import Iron Ore Spot $55.86/Metric Tonne +1.92%

• Citi US Economic Surprise Index -57.80 +15.5 points

• Citi Eurozone Economic Surprise Index 51.0 +11.3 points

• Citi Emerging Markets Economic Surprise Index .7 unch.

• 10-Year TIPS Spread 1.77 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -51 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long