Stocks Falling into Final Hour on Rising Eurozone Debt Angst, More Global Growth Fears, Technical Selling, Homebuilding/Tech Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.65 +7.73%

• ISE Sentiment Index 73.0 -31.13%

• Total Put/Call .86 +17.81%

• NYSE Arms 1.59 +77.39%

Credit Investor Angst:

• North American Investment Grade CDS Index 90.95 +1.9%

• European Financial Sector CDS Index 169.52 +.71%

• Western Europe Sovereign Debt CDS Index 101.17 +.27%

• Emerging Market CDS Index 262.55 +3.59%

• 2-Year Swap Spread 17.50 +.5 bp

• TED Spread 22.25 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 -1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 167.0 -3 bps

• China Import Iron Ore Spot $134.20/Metric Tonne +.07%

• Citi US Economic Surprise Index 28.80 +1.6 points

• 10-Year TIPS Spread 2.53 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -115 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail, tech and biotech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long