Stocks Slightly Lower into Final Hour on Global Growth Fears, Rising Emerging Markets Debt Angst, Technical Selling, Commodity/Road & Rail 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) 14.72 +4.92%

• Euro/Yen Carry Return Index 148.29 +.91%

• Emerging Markets Currency Volatility(VXY) 7.92 +2.46%

• S&P 500 Implied Correlation 54.12 +.48%

• ISE Sentiment Index 86.0 unch.

• Total Put/Call .81 +6.58%

• NYSE Arms 1.12 +57.33% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.11 +.20%

• European Financial Sector CDS Index 66.88 -.30%

• Western Europe Sovereign Debt CDS Index 31.87 +.22%
• Asia Pacific Sovereign Debt CDS Index 63.30 -.46%

• Emerging Market CDS Index 245.54 +3.30%

• China Blended Corporate Spread Index 322.35 -1.39%
• 2-Year Swap Spread 20.75 -1.25 basis points

• TED Spread 22.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -10.5 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 183.0 -1.0 basis point

• China Import Iron Ore Spot $78.63/Metric Tonne -1.21%

• Citi US Economic Surprise Index 22.10 +4.1 points
• Citi Eurozone Economic Surprise Index -28.80 +4.4 points

• Citi Emerging Markets Economic Surprise Index -15.30 +2.0 points

• 10-Year TIPS Spread 1.93 unch.

Overseas Futures:

• Nikkei Futures: Indicating +1,016 open in Japan

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long