Stocks Falling into Final Hour on Surging Eurozone Debt Angst, Rising Global Growth Fears, Sequestration Worries, Tech/Commodity Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: About Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 15.50 +5.59%
  

• ISE Sentiment Index 91.0 +12.35%

• Total Put/Call 1.13 unch.

• NYSE Arms 1.20 -59.90%

Credit Investor Angst:

• North American Investment Grade CDS Index 888.35 +.91%

• European Financial Sector CDS Index 150.23 +5.63%

• Western Europe Sovereign Debt CDS Index 101.19 +2.21%

• Emerging Market CDS Index 237.31 +.84%

• 2-Year Swap Spread 15.50 unch.

• TED Spread 16.75 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 -1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .12% unch.

• Yield Curve 173.0 -2 bps

• China Import Iron Ore Spot $156.20/Metric Tonne -1.70%

• Citi US Economic Surprise Index -4.70 -1.0 point

• 10-Year TIPS Spread 2.53 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -51 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
• Market Exposure: 25% Net Long