Stocks Falling into Final Hour on Rising Eurozone Debt Angst, Rising Globla Growth Fears, Tech/Financial Sector Weakness, Technical Selling

Broad Market Tone:

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

Equity Investor Angst:

• VIX 19.91 +9.94%
  
• ISE Sentiment Index 83.0 +31.75%
  
• Total Put/Call 1.19 +19.0%
  
• NYSE Arms 1.92 +73.0%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 119.03 +3.21%
  
• European Financial Sector CDS Index 290.62 +5.24%
  
• Western Europe Sovereign Debt CDS Index 298.25 +1.20%
  
• Emerging Market CDS Index 300.60 +3.4%
  
• 2-Year Swap Spread 23.5 -.25 basis point
  
• TED Spread 38.50 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -58.0 -3.5 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 131.0 -5 basis points
  
• China Import Iron Ore Spot $137.10/Metric Tonne -.22%
  
• Citi US Economic Surprise Index -61.60 +2.8 points
  
• 10-Year TIPS Spread 2.07 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a -87 open in Japan
• DAX Futures: Indicating +8 open in Germany
  

Portfolio:

• Slightly Lower: On losses in my tech, medical, retail and biotech sector longs
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, added to my (EEM) short, then covered some of them
  
• Market Exposure: 50% Net Long