Stocks Slightly Lower into Final Hour on Eurozone Debt Angst, Profit-Taking, Healthcare/Energy/Gaming Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.08 +.46%
  

• ISE Sentiment Index 102.0 -23.9%

• Total Put/Call 1.06 +17.78%

• NYSE Arms .76 -228.54%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.57 +20.20%

• European Financial Sector CDS Index 156.73 +1.03%

• Western Europe Sovereign Debt CDS Index 104.94 -.24%

• Emerging Market CDS Index 225.67 -.58%

• 2-Year Swap Spread 16.0 +.25 bp

• TED Spread 22.75 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 170.0 unch.

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

• Citi US Economic Surprise Index -10.0 +2.5 points

• 10-Year TIPS Spread 2.54 unch.

Overseas Futures:

• Nikkei Futures: Indicating +272 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs
• Disclosed Trades: None 
• Market Exposure: 50% Net Long