Stocks Reversing Substantially Lower into Final Hour on Global Growth Fears, Yen Strength, Technical Selling, Biotech/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.22 +6.36%

• Euro/Yen Carry Return Index 147.60 -.80%

• Emerging Markets Currency Volatility(VXY) 8.25 -1.90%

• S&P 500 Implied Correlation 54.36 +4.70%

• ISE Sentiment Index 83.0 -10.75%

• Total Put/Call .96 +9.09% 

• NYSE Arms 1.03 +10.79% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.51 +.80%

• European Financial Sector CDS Index 83.21 -2.95%

• Western Europe Sovereign Debt CDS Index 43.36 -1.13%
• Asia Pacific Sovereign Debt CDS Index 89.89 unch.

• Emerging Market CDS Index 277.57 -3.62%

• China Blended Corporate Spread Index 351.24 +.16%
• 2-Year Swap Spread 12.75 +.5 basis point

• TED Spread 21.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -.5 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 231.0 -3.0 basis points

• China Import Iron Ore Spot $115.70/Metric Tonne +.17%

• Citi US Economic Surprise Index -43.80 -2.0 points

• Citi Emerging Markets Economic Surprise Index -5.90 +.8 point

• 10-Year TIPS Spread 2.15 unch.

Overseas Futures:

• Nikkei Futures: Indicating -190 open in Japan

• DAX Futures: Indicating -60 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long