Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Profit-Taking, Earnings Concerns, Tech/Commodity Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.14 -6.18%

• Euro/Yen Carry Return Index 137.07 -.01%

• Emerging Markets Currency Volatility(VXY) 9.61 -2.63%

• S&P 500 Implied Correlation 47.09 -.38%

• ISE Sentiment Index 142.0 +65.12%

• Total Put/Call .90 +5.88%

• NYSE Arms .97 +116.84% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.96 -1.83%

• European Financial Sector CDS Index 135.0 -.11%

• Western Europe Sovereign Debt CDS Index 83.59 -1.81%

• Emerging Market CDS Index 297.59 -3.08%

• 2-Year Swap Spread 17.0 unch.

• TED Spread 23.50 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -9.0 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% -1 bp

• Yield Curve 230.0 -8 bps

• China Import Iron Ore Spot $130.10/Metric Tonne +.31%

• Citi US Economic Surprise Index 10.90 -3.6 points

• Citi Emerging Markets Economic Surprise Index -30.80 -6.9 points

• 10-Year TIPS Spread 2.20 -4 bps

Overseas Futures:

• Nikkei Futures: Indicating -76 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long