Stocks Falling into Final Hour on Rising Global Growth Fears, Rising Asian/Eurozone Debt Angst, Technical Selling, Commodity/Tech Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 19.61 +3.76%
• Euro/Yen Carry Return Index 133.65 -.17%
• Emerging Markets Currency Volatility(VXY) 11.79 +.68%
• S&P 500 Implied Correlation 60.11 +4.20%

• ISE Sentiment Index 70.0 -10.26%

• Total Put/Call .99 -14.66%

• NYSE Arms 1.19 +29.39% 

Credit Investor Angst:

• North American Investment Grade CDS Index 96.99 +3.18%

• European Financial Sector CDS Index 190.19 +5.39%

• Western Europe Sovereign Debt CDS Index 95.50 +.53%

• Emerging Market CDS Index 369.30 -2.1%

• 2-Year Swap Spread 19.5 -.5 bp

• TED Spread 23.5 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 217.0 +1 bp

• China Import Iron Ore Spot $116.60/Metric Tonne -1.69%

• Citi US Economic Surprise Index -8.10 +3.9 points
• Citi Emerging Markets Economic Surprise Index -38.60 +5.1 points 

• 10-Year TIPS Spread 1.92 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating +160 open in Japan

• DAX Futures: Indicating +46 open in Germany

Portfolio: 

• Higher: On gains in my index hedges and emerging markets shorts
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
• Market Exposure: Moved to 50% Net Long