Stocks Falling into Final Hour on Less US Economic Optimism, Rising Global Growth Fears, Eurozone Debt Angst, Less Tech Sector Optimism

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  
• Sector Performance: Every Sector Declining
  
• Volume: Below Average
  
• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• VIX 17.87 +5.86%
  
• ISE Sentiment Index 112.0 +.90%
  
• Total Put/Call 1.0 unch.
  
• NYSE Arms 1.73 +10.57%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 95.95 +2.27%
  
• European Financial Sector CDS Index 239.66 +.69%
  
• Western Europe Sovereign Debt CDS Index 273.79 -.58%
  
• Emerging Market CDS Index 243.03 -.25%
  
• 2-Year Swap Spread 28.25 -.25 basis point
  
• TED Spread 39.0 +.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -42.75 +.75 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 166.0 +1 basis point
  
• China Import Iron Ore Spot $144.90/Metric Tonne +.21%
  
• Citi US Economic Surprise Index -24.20 -3.8 points
  
• 10-Year TIPS Spread 2.26 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a -115 open in Japan
• DAX Futures: Indicating -21 open in Germany
  

Portfolio:

• Slightly Lower: On losses in my Tech, Biotech and Retail sector longs
  
• Disclosed Trades: Added to my (IWM), (QQQ) hedges, added to my (EEM) short
  
• Market Exposure: Moved to 25% Net Long