Sotocks Falling Sharply into Final Hour on Global Growth Worries, Sequestration Fears, Less Dovish Fed Rhetoric, Homebuilding/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: About Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.63 +18.85%
  

• ISE Sentiment Index 83.0 -16.16%

• Total Put/Call 1.13 +14.14%

• NYSE Arms 3.0 +208.0%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.59 +2.57%

• European Financial Sector CDS Index 142.37 -.31%

• Western Europe Sovereign Debt CDS Index 99.0 -.77%

• Emerging Market CDS Index 235.06 +1.92%

• 2-Year Swap Spread 15.50 +.5 bp

• TED Spread 17.25 -1.5 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -17.0 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .12% +2 bps

• Yield Curve 175.0 unch.

• China Import Iron Ore Spot $158.90/Metric Tonne +.57%

• Citi US Economic Surprise Index -3.70 -1.2 points

• 10-Year TIPS Spread 2.55 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -38 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/retail/medical sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, added to my equity-specific hedges
• Market Exposure: Moved to 25% Net Long