Stocks Reversing Lower into Afternoon on Rising Global Growth Fears, Less US Economic Optimism, Technical Selling, Rising Eurozone Debt Angst

Broad Market Tone:

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

Equity Investor Angst:

• VIX 27.32 +2.48%
  
• ISE Sentiment Index 66..0 -29.79%
  
• Total Put/Call 1.08 -21.17%
  
• NYSE Arms 1.49 -29.95%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 127.38 +.70%
  
• European Financial Sector CDS Index 301.78 -.17%
  
• Western Europe Sovereign Debt CDS Index 328.69 -.10%
  
• Emerging Market CDS Index 339.60 +5.46%
  
• 2-Year Swap Spread 37.50 +.25 basis point
  
• TED Spread 40.25 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -59.0 -4.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.
  
• Yield Curve 126.0 +6 basis points
  
• China Import Iron Ore Spot $134.0/Metric Tonne n/a
  
• Citi US Economic Surprise Index -52.30 +1.3 points
  
• 10-Year TIPS Spread 2.07 +2 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating a +17 open in Japan
• DAX Futures: Indicating -5 open in Germany
  

Portfolio:

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