Stocks Reversing Lower into Final Hour on Global Growth Fears, Technical Selling, Profit-Taking, Commodity/Gaming Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 12.80 +1.1%
  

• ISE Sentiment Index 136.0 +25.93%

• Total Put/Call .88 +7.32%

• NYSE Arms 1.47 +59.15%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.03 +1.29%

• European Financial Sector CDS Index 142.05 +1.17%

• Western Europe Sovereign Debt CDS Index 99.66 -.33%

• Emerging Market CDS Index 231.92 +.12%

• 2-Year Swap Spread 15.25 unch.

• TED Spread 19.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.

• Yield Curve 174.0 +1 bp

• China Import Iron Ore Spot $155.10/Metric Tonne n/a

• Citi US Economic Surprise Index -2.0 +3.0 points

• 10-Year TIPS Spread 2.55 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating +120 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs and index hedges
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long