Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Mid-East Unrest, Tech/Commodity Sector Weakness, Technical Selling

Today's Market Take:
 
Broad Market Tone:

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

Equity Investor Angst:

• VIX 14.22 -2.13%
• ISE Sentiment Index 82.0 -37.4%
• Total Put/Call .90 +12.5%
• NYSE Arms 1.42 +116.35%

Credit Investor Angst:

• North American Investment Grade CDS Index 94.86 bps -.23%
• European Financial Sector CDS Index 178.79 bps -3.76%
• Western Europe Sovereign Debt CDS Index 137.77 bps -4.13%
• Emerging Market CDS Index 214.09 bps -1.53%
• 2-Year Swap Spread 14.0 +.75 basis point
• TED Spread 25.5 unch.
• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
• Yield Curve 147.0 +5 basis points
• China Import Iron Ore Spot $104.20/Metric Tonne unch.
• Citi US Economic Surprise Index 43.50 +25.8 points
• 10-Year TIPS Spread 2.57 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan
• DAX Futures: Indicating -40 open in Germany

Portfolio:

• Slightly Higher: On gains in my Biotech/Retail 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