Stocks Reversing Lower into Final Hour on Global Growth Fears, Yen Strength, Oil Reversal, Tech/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 19.46 +10.57%

• Euro/Yen Carry Return Index 139.68 -.21%

• Emerging Markets Currency Volatility(VXY) 10.60 -.56%

• S&P 500 Implied Correlation 58.71 +1.07%

• ISE Sentiment Index 67.0 -36.19%

• Total Put/Call .87 -21.62%

• NYSE Arms .59 -55.39% 

Credit Investor Angst:

• North American Investment Grade CDS Index 86.11 +.34%

• America Energy Sector High-Yield CDS Index 1,587.0 +7.25%

• European Financial Sector CDS Index 72.33 +2.0%

• Western Europe Sovereign Debt CDS Index 16.53 -1.20%

• Asia Pacific Sovereign Debt CDS Index 71.63 +.06%

• Emerging Market CDS Index 344.82 -.25%
  

• iBoxx Offshore RMB China Corporate High Yield Index 123.88 -.03%

• 2-Year Swap Spread 11.0 -.5 basis point

• TED Spread 19.75 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -32.0 -.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 69.94 +.09%
• 3-Month T-Bill Yield .24% -3.0 basis points

• Yield Curve 130.0 +1.0 basis point

• China Import Iron Ore Spot $39.08/Metric Tonne +1.11%

• Citi US Economic Surprise Index -22.40 +1.2 points

• Citi Eurozone Economic Surprise Index 16.60 -.1 point

• Citi Emerging Markets Economic Surprise Index 11.10 +.1 basis point

• 10-Year TIPS Spread 1.55 -4.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) .92 -.20

Overseas Futures:

• Nikkei 225 Futures: Indicating -300 open in Japan 
• China A50 Futures: Indicating -284 open in China

• DAX Futures: Indicating -100 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long