Stocks Slightly Lower into Final Hour on Global Growth Fears, Earnings Worries, Oil Decline, Gaming/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.79 +.60%

• Euro/Yen Carry Return Index 133.72 -1.22%

• Emerging Markets Currency Volatility(VXY) 10.65 -1.21%

• S&P 500 Implied Correlation 61.14 +1.03%

• ISE Sentiment Index 84.0 unch.

• Total Put/Call 1.17 +10.38%

• NYSE Arms .79 -69.90% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.06 -.10%

• America Energy Sector High-Yield CDS Index 738.0 +3.62%

• European Financial Sector CDS Index 56.72 -1.29%

• Western Europe Sovereign Debt CDS Index 20.40 +1.49%

• Asia Pacific Sovereign Debt CDS Index 67.20 -1.07%

• Emerging Market CDS Index 413.22 -.97%

• iBoxx Offshore RMB China Corporates High Yield Index 113.84 -.02%

• 2-Year Swap Spread 26.5 -.75 basis point

• TED Spread 26.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 +3.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 142.0 -3.0 basis points

• China Import Iron Ore Spot $57.61/Metric Tonne -.93%

• Citi US Economic Surprise Index -50.50 -.4 point

• Citi Eurozone Economic Surprise Index 46.3 -.8 point

• Citi Emerging Markets Economic Surprise Index 3.30 -9.0 points

• 10-Year TIPS Spread 1.73 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +81 open in Japan

• DAX Futures: Indicating +39 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/medical/retail sector longs 

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

• Market Exposure: Moved to 25% Net Long