Stocks Mostly Lower into Afternoon on Surging Emerging Markets/European Debt Angst, Global Growth Fears, Yen Strength, Transport/Telecom Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.30 +7.67%

• Euro/Yen Carry Return Index 154.42 -.52%

• Emerging Markets Currency Volatility(VXY) 9.01 +1.81%

• S&P 500 Implied Correlation 67.59 +1.14%

• ISE Sentiment Index 64.0 -3.03%

• Total Put/Call 1.09 +4.81%

• NYSE Arms 1.05 -29.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.50 +1.47%

• European Financial Sector CDS Index 59.95 +4.77%

• Western Europe Sovereign Debt CDS Index 26.70 +3.99%
• Asia Pacific Sovereign Debt CDS Index 65.28 +3.32%

• Emerging Market CDS Index 332.18 +2.77%

• China Blended Corporate Spread Index 328.40 +.81%
• 2-Year Swap Spread 22.25 +.25 basis point

• TED Spread 22.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 160.0 -3.0 basis points

• China Import Iron Ore Spot $69.06/Metric Tonne -1.06%

• Citi US Economic Surprise Index 17.90 +2.0 points
• Citi Eurozone Economic Surprise Index -17.10 +4.3 points

• Citi Emerging Markets Economic Surprise Index -6.5 +.3 point

• 10-Year TIPS Spread 1.74 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -123 open in Japan

• DAX Futures: Indicating +62 open in Germany

Portfolio: 

• Higher: On gains in my biotech/retail sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long