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

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.77 +1.74%
• ISE Sentiment Index 94.0 -35.6%
• Total Put/Call .81 +21.57%
• NYSE Arms 1.59 +37.81%

Credit Investor Angst:

• North American Investment Grade CDS Index 102.08 +1.32%
• European Financial Sector CDS Index 162.48 -2.28%
• Western Europe Sovereign Debt CDS Index 109.0 bps -3.94%
• Emerging Market CDS Index 255.69 bps -.62%
• 2-Year Swap Spread 12.5 -1.0 basis point
• TED Spread 23.0 +1.0 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -28.25 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .08% -1 basis point
• Yield Curve 138.0 -2 basis points
• China Import Iron Ore Spot $117.90/Metric Tonne -.25%
• Citi US Economic Surprise Index 49.0 +1.5 points
• 10-Year TIPS Spread 2.39 unch.
  

Overseas Futures:

• Nikkei Futures: Indicating -70 open in Japan
• DAX Futures: Indicating +2 open in Germany

Portfolio:

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