Stocks Falling into Final Hour on Rising Global Growth Fears, Faltering US Data, Rising Eurozone Debt Angst, Technical Selling

Broad Market Tone:

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

Equity Investor Angst:

• VIX 26.70 +10.97%
  
• ISE Sentiment Index 94.0 -20.34%
  
• Total Put/Call 1.36 +27.10%
  
• NYSE Arms 1.89 +64.72%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 126.75 +2.80%
  
• European Financial Sector CDS Index 302.30 +1.74%
  
• Western Europe Sovereign Debt CDS Index 329.0 +.82%
  
• Emerging Market CDS Index 343.22 +3.24%
  
• 2-Year Swap Spread 37.25 +1.5 basis points
  
• TED Spread 40.25 -.25 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -55.75 -5.5 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.
  
• Yield Curve 120.0 -11 basis points
  
• China Import Iron Ore Spot $134.0/Metric Tonne +.15%
  
• Citi US Economic Surprise Index -53.60 -17.7 points
  
• 10-Year TIPS Spread 2.05 -4 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating a -200 open in Japan
• DAX Futures: Indicating -21 open in Germany
  

Portfolio:

• Lower: On losses in my Retail, Biotech, Medical and Tech sector longs
  
• Disclosed Trades: Added to my (IQM)/(QQQ) hedges, added to my (EEM) short, then covered some of them
  
• Market Exposure: Moved to 50% Net Long