Stocks Lower into Final Hour on Rising Global Growth Fears, Diminishing Global Central Bank Stimulus Hopes, High Food/Energy Prices, Profit-Taking

Broad Market Tone:

• Advance/Decline Line: Lower
  
• Sector Performance: Most Sectors Declining
  
• Volume: Below Average
  
• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.94 +9.05%
  
• ISE Sentiment Index 87.0 -13.86%
  
• Total Put/Call .82 +9.33%
  
• NYSE Arms 1.20 +11.58%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 102.90 bps +.19%
  
• European Financial Sector CDS Index 239.34 bps -3.34%
  
• Western Europe Sovereign Debt CDS Index 241.65 -2.41%
  
• Emerging Market CDS Index 250.01 +.24%
  
• 2-Year Swap Spread 20.0 unch.
  
• TED Spread 33.5 -.75 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -35.0 +1.75 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .10% +1 basis point
  
• Yield Curve 145.0 +6 basis points
  
• China Import Iron Ore Spot $113.30/Metric Tonne +.35%
  
• Citi US Economic Surprise Index -12.10 +7.6 points
  
• 10-Year TIPS Spread 2.27 +2 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +15 open in Japan
• DAX Futures: Indicating -18 open in Germany
  

Portfolio:

• Higher: On gains in my Medical, Retail, Biotech and Tech sector longs
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
  
• Market Exposure: 50% Net Long