Stocks Slightly Lower into Final Hour on Global Growth Fears, Profit-Taking, Euro Weakness, Less Financial Sector Optimism

Broad Market Tone:

• Advance/Decline Line: Slightly Lower
  
• Sector Performance: Mixed
  
• Volume: Below Average
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 15.07 +5.68%
  
• ISE Sentiment Index 119.0 -34.62%
  
• Total Put/Call .96 -4.95%
  
• NYSE Arms 1.39 +154.96%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 89.06 +.22%
  
• European Financial Sector CDS Index 202.39 -1.14%
  
• Western Europe Sovereign Debt CDS Index 266.55 -3.32%
  
• Emerging Market CDS Index 239.92 +1.64%
  
• 2-Year Swap Spread 24.50 -.5 basis point
  
• TED Spread 39.0 -1.25 basis points
  
• 3-Month EUR/USD Cross-Currency Basis Swap -49.50 unch.
  

Economic Gauges:

• 3-Month T-Bill Yield .08% +1 basis point
  
• Yield Curve 186.0 -3 basis points
  
• China Import Iron Ore Spot $147.10/Metric Tonne +1.1%
  
• Citi US Economic Surprise Index 23.60 -.6 point
  
• 10-Year TIPS Spread 2.33 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a -85 open in Japan
• DAX Futures: Indicating a +4 open in Germany

Portfolio:

• Slightly Higher: On gains in my Tech and Medical sector longs
  
• Disclosed Trades: None
  
• Market Exposure: 75% Net Long