Stocks Slightly Lower into Final Hour on Earnings Worries, Rising Global Growth Fears, Weak US Housing Data, Consumer Discretionary Weakness

Broad Market Tone:

• Advance/Decline Line: Higher
  
• Sector Performance: Mixed
  
• Volume: Around Average
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 19.23 -6.06%
  
• ISE Sentiment Index 120.0 +42.86%
  
• Total Put/Call .92 +1.10%
  
• NYSE Arms 1.12 -13.16%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 115.37 bps -1.0%
  
• European Financial Sector CDS Index 293.88 bps -2.36%
  
• Western Europe Sovereign Debt CDS Index 280.91 -1.35%
  
• Emerging Market CDS Index 274.49 -2.98%
  
• 2-Year Swap Spread 21.75 -1.0 basis point
  
• TED Spread 35.25 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -43.75 +2.75 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
  
• Yield Curve 118.0 -1 basis point
  
• China Import Iron Ore Spot $118.60/Metric Tonne -3.5%
  
• Citi US Economic Surprise Index -59.60 unch.
  
• 10-Year TIPS Spread 2.0 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +42 open in Japan
• DAX Futures: Indicating -6 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my Tech, Medical and Biotech sector longs.
  
• Disclosed Trades: None
  
• Market Exposure: 50% Net Long