Stocks Falling into Final Hour on Rising Global Growth Fears, US Fiscal Cliff Worries, Eurozone Debt Angst, Tech/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:

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

Equity Investor Angst:

• VIX 16.33 -.24%
• ISE Sentiment Index 126.0 +65.79%
• Total Put/Call .99 -1.0%
• NYSE Arms 1.38 +63.94%

Credit Investor Angst:

• North American Investment Grade CDS Index 99.03 bps +.94%
• European Financial Sector CDS Index 185.94 bps +.28%
• Western Europe Sovereign Debt CDS Index 141.41 bps +.42%
• Emerging Market CDS Index 227.55 bps +1.0%
• 2-Year Swap Spread 12.25 +.25 basis point
• TED Spread 24.75 -.75 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -25.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
• Yield Curve 142.0 -3 basis points
• China Import Iron Ore Spot $117.70/Metric Tonne +.43%
• Citi US Economic Surprise Index 42.60 -.8 point
• 10-Year TIPS Spread 2.51 -4 basis points

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan
• DAX Futures: Indicating -9 open in Germany

Portfolio:

• Slightly Higher: On gains in my index hedges and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 25% Net Long