Stocks Reversing Lower into Final Hour on Fed Rate Hike Worries, Global Growth Fears, Earnings Outlook Concerns, Homebuilding/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.74 +1.43%

• Euro/Yen Carry Return Index 141.43 -.30%

• Emerging Markets Currency Volatility(VXY) 9.28 -1.38%

• S&P 500 Implied Correlation 57.93 unch.

• ISE Sentiment Index 88.0 +11.39%

• Total Put/Call .95 -5.0%

• NYSE Arms 1.17 -26.18% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.25 +.43%

• America Energy Sector High-Yield CDS Index 1,777.0 +12.61%

• European Financial Sector CDS Index 73.75 +.61%

• Western Europe Sovereign Debt CDS Index 22.38 -2.10%

• Asia Pacific Sovereign Debt CDS Index 64.14 -.79%

• Emerging Market CDS Index 325.95 +.18%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.93 -.14%

• 2-Year Swap Spread 23.0 -.75 basis point

• TED Spread 24.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.5 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .08% +2.0 basis points

• Yield Curve 149.0 -1.0 basis point

• China Import Iron Ore Spot $55.29/Metric Tonne -.61%

• Citi US Economic Surprise Index -14.0 unch.

• Citi Eurozone Economic Surprise Index 6.1 +.5 point

• Citi Emerging Markets Economic Surprise Index -8.8 +1.5 points

• 10-Year TIPS Spread 1.70 unch.
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.48 +.11

Overseas Futures:

• Nikkei 225 Futures: Indicating +25 open in Japan 
• China A50 Futures: Indicating -270 open in China

• DAX Futures: Indicating +8 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 25% Net Long