Stocks Falling into Final Hour on Rising Global Growth Fears, Surging Eurozone Debt Angst, US Fiscal Cliff Worries, Earnings Concerns

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.37 +10.53%
• ISE Sentiment Index 83.0 -28.45%
• Total Put/Call 1.05 +11.70%
• NYSE Arms 2.47 +139.29%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.82 bps +3.02%
• European Financial Sector CDS Index 171.41 bps +4.90%
• Western Europe Sovereign Debt CDS Index 108.37 bps +1.34%
• Emerging Market CDS Index 212.49 bps +.22%
• 2-Year Swap Spread 10.75 +1.5 basis points
• TED Spread 21.25 -1.25 basis points
• 3-Month EUR/USD Cross-Currency Basis Swap -25.50 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .10% +1 basis point
• Yield Curve 146.0 -4 basis points
• China Import Iron Ore Spot $117.50/Metric Tonne unch.
• Citi US Economic Surprise Index 49.0 -1.6 points
• 10-Year TIPS Spread 2.49 -4 basis points

Overseas Futures:

• Nikkei Futures: Indicating -93 open in Japan
• DAX Futures: Indicating +19 open in Germany

Portfolio:

• Slightly Lower: On losses in my Tech, Biotech and Medical sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long