Stocks Lower into Final Hour on Trade War Fears, Oil Decline, Profit-Taking, Tech/Gaming Sector Weakness

 Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 13.45 +2.2%

• Euro/Yen Carry Return Index 134.84 +.36%

• Emerging Markets Currency Volatility(VXY) 12.96 +1.09%

• S&P 500 Implied Correlation 29.32 +4.86%

• ISE Sentiment Index 105.0 -19.23%
  

• Total Put/Call .98 +16.7%

• NYSE Arms .79 -29.77%

Credit Investor Angst:

• North American Investment Grade CDS Index 60.0 -.76%
  

• America Energy Sector High-Yield CDS Index 418.0 +.91%

• European Financial Sector CDS Index 79.28 -2.28%

• Italian/German 10Y Yld Spread 255.50 -10.5 basis points
  

• Asia Pacific Sovereign Debt CDS Index 12.97 +11.0%

• Emerging Market CDS Index 234.07 -4.49%
  

• iBoxx Offshore RMB China Corporate High Yield Index 151.38 +.28%

• 2-Year Swap Spread 18.5 -.75 basis point

• TED Spread 17.5 -3.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 -1.25 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 65.09 +.22%
• 3-Month T-Bill Yield 2.13% +2.0 basis points

• Yield Curve 25.0 +.5 basis point

• China Iron Ore Spot 67.29 USD/Metric Tonne +.96%

• Citi US Economic Surprise Index -6.0 -.1 point

• Citi Eurozone Economic Surprise Index 5.20 -.1 point

• Citi Emerging Markets Economic Surprise Index -6.30 +1.7 points

• 10-Year TIPS Spread 2.10 unch.
  
• 95.3% chance of Fed rate hike at Nov. 8th meeting, 98.6% chance at Dec. 19th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -29 open in Japan 
• China A50 Futures: Indicating -58 open in China

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech/medical sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my emerging market shorts

• Market Exposure: Moved to 50% Net Long