Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Fiscal Cliff Worries, Eurozone Debt Angst, Tech/Commodity Sector Weakness

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.33 +.59%
• ISE Sentiment Index 106.0 -18.5%
• Total Put/Call 1.07 +44.59%
• NYSE Arms 1.08 +106.97%

Credit Investor Angst:

• North American Investment Grade CDS Index 101.75 bps -1.25%
• European Financial Sector CDS Index 169.90 bps -3.79%
• Western Europe Sovereign Debt CDS Index 116.68 bps -2.3%
• Emerging Market CDS Index 244.75 bps +.18%
• 2-Year Swap Spread 12.25 -.75 basis point
• TED Spread 24.0 +.25 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -27.75 +1.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 basis point
• Yield Curve 140.0 +4 basis points
• China Import Iron Ore Spot $120.60/Metric Tonne-1.79%
• Citi US Economic Surprise Index 48.40 +1.6 points
• 10-Year TIPS Spread 2.40 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +43 open in Japan
• DAX Futures: Indicating -5 open in Germany

Portfolio:

• Slightly Higher: On gains in my Medical/Biotech sector longs
• Disclosed Trades: None
• Market Exposure: 50% Net Long