Stocks Falling Slightly into Final Hour on Fiscal Cliff Worries, Rising Global Growth Fears, Eurozone Debt Angst, Cyclical Stock Weakness

Today's Market Take:

Broad Market Tone:

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

Equity Investor Angst:

• VIX 16.11 +6.97%
• ISE Sentiment Index 87.0 -27.5%
• Total Put/Call 1.16 +16.0%
• NYSE Arms 1.26 +54.97%

Credit Investor Angst:

• North American Investment Grade CDS Index 98.57 -.69%
• European Financial Sector CDS Index 160.19 +.04%
• Western Europe Sovereign Debt CDS Index 105.33 bps -.60%
• Emerging Market CDS Index 237.43 bps +.85%
• 2-Year Swap Spread 12.75 +.75 basis point
• TED Spread 23.50 +.5 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -24.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
• Yield Curve 137.0 +1 basis point
• China Import Iron Ore Spot $116.90/Metric Tonne -1.11%
• Citi US Economic Surprise Index 43.10 -.8 point
• 10-Year TIPS Spread 2.42 +2 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +59 open in Japan
• DAX Futures: Indicating +6 open in Germany

Portfolio:

• Slightly Higher: On gains in my Tech sector longs and index hedges
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long