Stocks Falling into Final Hour on Earnings Worries, Rising Global Growth Fears, US Fiscal Cliff Concerns, Euro Weakness

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 18.88 +5.01%
  
• ISE Sentiment Index 74.0 -26.73%
  
• Total Put/Call .98 unch.
  
• NYSE Arms 2.50 +54.51%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 111.15 -.3%
  
• European Financial Sector CDS Index 277.72 -1.7%
  
• Western Europe Sovereign Debt CDS Index 281.10 -1.52%
  
• Emerging Market CDS Index 274.34 -1.79%
  
• 2-Year Swap Spread 25.75 -.25 basis point
  
• TED Spread 37.0 -1.75 basis points
  
• 3-Month EUR/USD Cross-Currency Basis Swap -57.50 +1.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .09% +2 basis points
  
• Yield Curve 124.0 -1 basis point
  
• China Import Iron Ore Spot $135.50/Metric Tonne unch.
  
• Citi US Economic Surprise Index -64.90 -2.3 points
  
• 10-Year TIPS Spread 2.08 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating -33 open in Japan
• DAX Futures: Indicating -40 open in Germany
  

Portfolio:

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