Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Emerging Markets Unrest, Technical Selling, Metals & Mining/Homebuilding Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.60 +1.41%

• Euro/Yen Carry Return Index 136.18 +.93 +.32%

• Emerging Markets Currency Volatility(VXY) 10.67 +.28%

• S&P 500 Implied Correlation 56.75 -2.36%

• ISE Sentiment Index 71.0 -20.22%

• Total Put/Call 1.01 -10.99%

• NYSE Arms 1.03 -14.11% 

Credit Investor Angst:

• North American Investment Grade CDS Index 85.82 +1.69%

• European Financial Sector CDS Index 164.09 +.28%

• Western Europe Sovereign Debt CDS Index 93.50 -.46%

• Emerging Market CDS Index 325.34 +3.31%

• 2-Year Swap Spread 17.50 +2.0 bps

• TED Spread 25.25 -1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% +! bp

• Yield Curve 212.0 -1 bp

• China Import Iron Ore Spot $119.30/Metric Tonne +2.05%

• Citi US Economic Surprise Index -1.80 +1.8 points

• Citi Emerging Markets Economic Surprise Index -35.40 -.8 point

• 10-Year TIPS Spread 2.05 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +212 open in Japan

• DAX Futures: Indicating -34 open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long