Stocks Declining into Final Hour on Greek Debt Deal Worries, Rising Eurozone/Emerging Markets Debt Angst, Oil Drop, Tranport/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.41 +8.44%

• Euro/Yen Carry Return Index 146.77 +.65%

• Emerging Markets Currency Volatility(VXY) 9.70 +.83%

• S&P 500 Implied Correlation 64.99 +2.33%

• ISE Sentiment Index 98.0 +1.03%

• Total Put/Call .98 -4.85%

• NYSE Arms 1.11 +37.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.14 +1.91%

• America Energy Sector High-Yield CDS Index 1,170.0 +.66%

• European Financial Sector CDS Index 79.06 +2.46%

• Western Europe Sovereign Debt CDS Index 23.39 +.88%

• Asia Pacific Sovereign Debt CDS Index 62.84 +1.81%

• Emerging Market CDS Index 315.52 +2.75%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.21 +.08%

• 2-Year Swap Spread 25.5 +.75 basis point

• TED Spread 26.50 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.75 +1.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 170.0 +2.0 basis points

• China Import Iron Ore Spot $64.34/Metric Tonne -.17%

• Citi US Economic Surprise Index -44.60 +3.3 points

• Citi Eurozone Economic Surprise Index 6.20 +.2 point

• Citi Emerging Markets Economic Surprise Index -17.60 +3.9 points

• 10-Year TIPS Spread 1.88 unch.

Overseas Futures:

• Nikkei 225 Futures: Indicating -22 open in Japan 

• China A50 Futures: Indicating -225 open in China

• DAX Futures: Indicating -45 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long