Stocks Falling into Final Hour on Surging Eurozone Debt Angst, Rising Global Growth Fears, Technical Selling, Commodity/Retail Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.61 +9.36%

• ISE Sentiment Index 88.0 -22.1%

• Total Put/Call .95 +5.56%

• NYSE Arms 1.21 -29.17%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.95 +3.22%

• European Financial Sector CDS Index 162.13 +6.45%

• Western Europe Sovereign Debt CDS Index 101.0 +.39%

• Emerging Market CDS Index 246.07 +1.7%

• 2-Year Swap Spread 18.0 +3.0 bps

• TED Spread 21.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -21.25 -2.25 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 166.0 -4 bps

• China Import Iron Ore Spot $134.40/Metric Tonne -.15%

• Citi US Economic Surprise Index 26.90 +5.9 points

• 10-Year TIPS Spread 2.52 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -33 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long