Stocks Reversing Lower into Final Hour on More Mideast Unrest, Global Growth Worries, US Fiscal Cliff Fears, Rising Eurozone Debt Angst

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.26 +1.9%
• ISE Sentiment Index 93.0 -1.2%
• Total Put/Call 1.19 +9.17%
• NYSE Arms .72 -46.42%

Credit Investor Angst:

• North American Investment Grade CDS Index 111.57 bps +2.86%
• European Financial Sector CDS Index 186.97 bps +3.14%
• Western Europe Sovereign Debt CDS Index 116.49 bps +.04%
• Emerging Market CDS Index 248.75 bps +2.35%
• 2-Year Swap Spread 13.5 +1.5 basis points
• TED Spread 23.5 +1.25 basis points
• 3-Month EUR/USD Cross-Currency Basis Swap -29.25 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .08% -1 basis point
• Yield Curve 133.0 -1 basis point
• China Import Iron Ore Spot $122.80/Metric Tonne +.33%
• Citi US Economic Surprise Index 50.70 -10.0 points
• 10-Year TIPS Spread 2.37 -5 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +35 open in Japan
• DAX Futures: Indicating -11 open in Germany

Portfolio:

• Slightly Lower: On losses in my Tech, Medical, Biotech and Retail sector longs
• Disclosed Trades: Covered some of my (IWM), (QQQ) hedges, then added them back
• Market Exposure: 25% Net Long