Stocks Slightly Lower into Final Hour on Fiscal Cliff Fears, Eurozone Debt Angst, Technical Selling, Oil Service/HMO Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 16.79 +1.39%

• ISE Sentiment Index 135.0 +26.2%

• Total Put/Call .84 -.5%

• NYSE Arms .80 -23.23%

Credit Investor Angst:

• North American Investment Grade CDS Index 94.55 +.12%

• European Financial Sector CDS Index 152.11 +.43%

• Western Europe Sovereign Debt CDS Index 110.41 bps -1.34%

• Emerging Market CDS Index 209.0 bps -.69%

• 2-Year Swap Spread 12.75 +1.25 bps

• TED Spread 28.75 +3.0 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -22.50 -1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% -3 bps

• Yield Curve 148.0 unch.

• China Import Iron Ore Spot $129.30/Metric Tonne +2.29%

• Citi US Economic Surprise Index 50.6 -.5 point

• 10-Year TIPS Spread 2.46 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +37 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio:

• Slightly Lower: On losses in my retail, tech and biotech sector longs

• Disclosed Trades: None

• Market Exposure: 25% Net Long