Stocks Falling into Final Hour on Fed Rate Hike Fears, Global Growth Worries, Yen Strength, Tech/Gaming Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.30 +13.91%

• Euro/Yen Carry Return Index 141.50 +1.02%

• Emerging Markets Currency Volatility(VXY) 10.43 +.29%

• S&P 500 Implied Correlation 67.57 -.47%

• ISE Sentiment Index 66.0 -49.23%

• Total Put/Call 1.03 -15.57%

• NYSE Arms .90 -10.24% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.57 +2.71%

• America Energy Sector High-Yield CDS Index 1,076.0 -.31%

• European Financial Sector CDS Index 75.27 +1.50%

• Western Europe Sovereign Debt CDS Index 24.97 -.40%

• Asia Pacific Sovereign Debt CDS Index 59.80 -1.0%

• Emerging Market CDS Index 296.23 -.96%
  

• iBoxx Offshore RMB China Corporates High Yield Index 118.14 +.07%

• 2-Year Swap Spread 25.75 -.25 basis point

• TED Spread 27.50 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.0 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 160.0 +5.0 basis points

• China Import Iron Ore Spot $60.89/Metric Tonne +3.73%

• Citi US Economic Surprise Index -67.30 -2.0 points

• Citi Eurozone Economic Surprise Index 19.0 +13.8 points

• Citi Emerging Markets Economic Surprise Index -18.0 +.1 point

• 10-Year TIPS Spread 1.91 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -278 open in Japan

• DAX Futures: Indicating -27 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long