Stocks Lower into Final Hour on Rising Eurozone Debt Angst, Global Growth Fears, Technical Selling, Tech/Biotech Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.86 +3.86%
  

• ISE Sentiment Index 97.0 -16.4%

• Total Put/Call 1.05 +8.25%

• NYSE Arms 1.31 +55.2%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.88 +.28%

• European Financial Sector CDS Index 158.50 +.46%

• Western Europe Sovereign Debt CDS Index 106.67 -.11%

• Emerging Market CDS Index 232.93 -1.18%

• 2-Year Swap Spread 15.5 -.5 bp

• TED Spread 22.5 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 -1.25 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 170.0 -1 bp

• China Import Iron Ore Spot $155.10/Metric Tonne unch.

• Citi US Economic Surprise Index -30.0 -.2 point

• 10-Year TIPS Spread 2.55 unch.

Overseas Futures:

• Nikkei Futures: Indicating -7 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio:

• Slightly Lower: On losses in my biotech/retail sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
• Market Exposure: 50% Net Long