Stocks Falling into Final Hour on Global Growth Fears, Iran Nuclear Deal Worries, Yen Strength, Biotech/Transport Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.67 +2.49%

• Euro/Yen Carry Return Index 134.44 -.16%

• Emerging Markets Currency Volatility(VXY) 10.35 -1.90%

• S&P 500 Implied Correlation 65.86 +.41%

• ISE Sentiment Index 111.0 +50.0%

• Total Put/Call 1.09 +3.81%

• NYSE Arms .85 -42.21% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.55 -.05%

• America Energy Sector High-Yield CDS Index 1,070.0 +2.18%

• European Financial Sector CDS Index 67.30 +1.64%

• Western Europe Sovereign Debt CDS Index 22.09 -.47%

• Asia Pacific Sovereign Debt CDS Index 59.80 -.33%

• Emerging Market CDS Index 313.66 -2.12%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.56 +.18%

• 2-Year Swap Spread 25.50 +.5 basis point

• TED Spread 25.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -24.25 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 133.0 -5.0 basis points

• China Import Iron Ore Spot $49.53/Metric Tonne -3.54%

• Citi US Economic Surprise Index -62.5 -3.9 points

• Citi Eurozone Economic Surprise Index 62.50 +4.8 points

• Citi Emerging Markets Economic Surprise Index 3.3 +3.0 points

• 10-Year TIPS Spread 1.81 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +126 open in Japan

• DAX Futures: Indicating +44 open in Germany

Portfolio: 

• Slightly Lower: On losses in my medical/biotech/tech/retail sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long