Stocks Falling into Final Hour on Surging Eurozone Debt Angst, Global Growth Fears, Technical Selling, Homebuilding/Transport 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 14.15 +4.27%

• ISE Sentiment Index 99.0 +5.32%

• Total Put/Call .89 -4.38%

• NYSE Arms 1.59 +85.30%

Credit Investor Angst:

• North American Investment Grade CDS Index 91.11 +.80%

• European Financial Sector CDS Index 189.24 +7.3%

• Western Europe Sovereign Debt CDS Index 100.67 -.27%

• Emerging Market CDS Index 256.12 +.09%

• 2-Year Swap Spread 17.75 unch.

• TED Spread 22.25 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 167.0 +1 bp

• China Import Iron Ore Spot $136.0/Metric Tonne +.52%

• Citi US Economic Surprise Index 30.20 +1.1 points

• 10-Year TIPS Spread 2.54 unch.

Overseas Futures:

• Nikkei Futures: Indicating -120 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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