Stocks Reversing Lower into Afternoon on China Bubble-Bursting Fears, Greece Bailout Referendum Concerns, Global Growth Worries, Financial/Retail Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 17.05 +5.97%

• Euro/Yen Carry Return Index 142.55 +.15%

• Emerging Markets Currency Volatility(VXY) 8.86 -.67%

• S&P 500 Implied Correlation 61.75 +2.37%

• ISE Sentiment Index 62.0 -11.4%

• Total Put/Call 1.0 -11.5%

• NYSE Arms 1.06 -16.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.45 +.03%

• America Energy Sector High-Yield CDS Index 1,225.0 +.84%

• European Financial Sector CDS Index 89.43 +2.22%

• Western Europe Sovereign Debt CDS Index 25.49 -2.56%

• Asia Pacific Sovereign Debt CDS Index 58.42 -1.17%

• Emerging Market CDS Index 301.89 -1.04%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.76 +.06%

• 2-Year Swap Spread 26.0 +1.5 basis points

• TED Spread 27.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 175.0 +2.0 basis points

• China Import Iron Ore Spot $55.63/Metric Tonne -6.03%

• Citi US Economic Surprise Index -25.10 -1.0 point

• Citi Eurozone Economic Surprise Index -4.4 +.5 point

• Citi Emerging Markets Economic Surprise Index -18.60 +2.8 points

• 10-Year TIPS Spread 1.92 +1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating -12 open in Japan 
• China A50 Futures: Indicating -329 open in China

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 25% Net Long