Stocks Lower into Final Hour on Rising Global Growth Fears, More Weak US Economic Data, Rising Eurozone Debt Angst, Earnings Worries

Today's Market Take:

Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.57 +4.92%
• ISE Sentiment Index 97.0 -24.22%
• Total Put/Call .99 +22.22%
• NYSE Arms 1.86 +191.18%

Credit Investor Angst:

• North American Investment Grade CDS Index 99.21 bps +.67%
• European Financial Sector CDS Index 203.45 bps +1.15%
• Western Europe Sovereign Debt CDS Index 150.03 +2.63%
• Emerging Market CDS Index 224.09 -.59%
• 2-Year Swap Spread 13.50 -1.0 basis point
• TED Spread 26.75 -.75 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -26.25 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
• Yield Curve 139.0 +1 basis point
• China Import Iron Ore Spot $104.20/Metric Tonne unch.
• Citi US Economic Surprise Index 5.8 -3.0 points
• 10-Year TIPS Spread 2.42 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan
• DAX Futures: Indicating +19 open in Germany

Portfolio:

• Slightly Higher: On gains in my Biotech sector longs and index hedges
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
• Market Exposure: Moved to 25% Net Long