Stocks Reversing Lower into Final Hour on Greece Debt Deal Worries, US High-Yield Debt Angst, China Bubble Fears, Transport/Commodity 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) 13.97 +5.28%

• Euro/Yen Carry Return Index 144.62 -,23%

• Emerging Markets Currency Volatility(VXY) 8.74 +.34%

• S&P 500 Implied Correlation 61.73 -.71%

• ISE Sentiment Index 103.0 -14.88%

• Total Put/Call 1.0 +13.64%

• NYSE Arms 1.03 -39.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.71 -.44%

• America Energy Sector High-Yield CDS Index 1,072.0 +2.62%

• European Financial Sector CDS Index 77.14 -1.19%

• Western Europe Sovereign Debt CDS Index 22.76 +.44%

• Asia Pacific Sovereign Debt CDS Index 57.32 -1.04%

• Emerging Market CDS Index 301.30 +.05%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.81 -.01%

• 2-Year Swap Spread 22.75 +1.25 basis points

• TED Spread 27.0 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -19.0 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 171.0 +1.0 basis point

• China Import Iron Ore Spot $62.19/Metric Tonne -.54%

• Citi US Economic Surprise Index -32.70 +3.2 points

• Citi Eurozone Economic Surprise Index 9.5 -.9 point

• Citi Emerging Markets Economic Surprise Index -20.30 -1.8 points

• 10-Year TIPS Spread 1.93 unch.

Overseas Futures:

• Nikkei 225 Futures: Indicating +18 open in Japan 

• China A50 Futures: Indicating -162 open in China

• DAX Futures: Indicating -28 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical sector longs, index hedges and emerging markets shorts 

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

• Market Exposure: Moved to 25% Net Long