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

Today's Market Take:

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 13.32 +17.88%

• ISE Sentiment Index 80.0 -37.98%

• Total Put/Call .87 +2.35%

• NYSE Arms 1.59 +56.51%

Credit Investor Angst:

• North American Investment Grade CDS Index 80.27 +1.98%

• European Financial Sector CDS Index 152.38 +6.65%

• Western Europe Sovereign Debt CDS Index 100.61 +3.24%

• Emerging Market CDS Index 242.09 +1.0%

• 2-Year Swap Spread 15.0 +1.5 bps

• TED Spread 21.0 +1.25 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -19.0 -2.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 bp

• Yield Curve 170.0 -4 bps

• China Import Iron Ore Spot $134.60/Metric Tonne unch.

• Citi US Economic Surprise Index 21.0 -6.0 points

• 10-Year TIPS Spread 2.56 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +155 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail sector longs, index hedges and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 50% Net Long