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

Today's Market Take:
 
Broad Market Tone:

• Advance/Decline Line: Substantially Lower
• Sector Performance: Almost Every Sector Declining
• Volume: Slightly Above Average
• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 17.08 +13.64%
• ISE Sentiment Index 98.0 -19.67%
• Total Put/Call 1.15 +35.29%
• NYSE Arms 2.54 +237.60%

Credit Investor Angst:

• North American Investment Grade CDS Index 93.44 bps +2.81%
• European Financial Sector CDS Index 162.42 bps +2.58%
• Western Europe Sovereign Debt CDS Index 105.75 bps -1.19%
• Emerging Market CDS Index 213.81 bps +1.88%
• 2-Year Swap Spread 10.75 +1.0 basis point
• TED Spread 22.5 +.25 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -25.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .09% -1 basis point
• Yield Curve 148.0 -5 basis points
• China Import Iron Ore Spot $115.30/Metric Tonne -.17%
• Citi US Economic Surprise Index 53.20 -.7 point
• 10-Year TIPS Spread 2.51 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating -130 open in Japan
• DAX Futures: Indicating -35 open in Germany

Portfolio:

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