Stocks Slightly Lower into Final Hour on Rising Mideast Unrest, Profit-Taking, Homebuilding/Mining & Metals Sector 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 13.65 +5.90%
  

• ISE Sentiment Index 125.0 -3.8%

• Total Put/Call 1.03 +18.39%

• NYSE Arms 1.12 +88.01%

Credit Investor Angst:

• North American Investment Grade CDS Index 85.89 +1.19%

• European Financial Sector CDS Index 137.13 +.75%

• Western Europe Sovereign Debt CDS Index 99.33 +.67%

• Emerging Market CDS Index 213.90 +.42%

• 2-Year Swap Spread 16.5 +.5 bp

• TED Spread 24.0 +1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 168.0 +1 bp

• China Import Iron Ore Spot $148.40/Metric Tonne -.13%

• Citi US Economic Surprise Index .3 +2.3 points

• 10-Year TIPS Spread 2.53 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating -34 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio:

• Higher: On gains in my retail/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long