Stocks Slightly Lower into Final Hour on Rising Eurozone Debt Angst, Global Growth Fears, Technical Selling, Homebuilder/Financial 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 12.69 +9.78%

• ISE Sentiment Index 115.0 -8.73%

• Total Put/Call .97 +6.59%

• NYSE Arms .93 +26.94%

Credit Investor Angst:

• North American Investment Grade CDS Index 79.86 +.48%

• European Financial Sector CDS Index 143.82 +3.48%

• Western Europe Sovereign Debt CDS Index 96.50 -1.12%

• Emerging Market CDS Index 237.22 -.43%

• 2-Year Swap Spread 13.5 -.75 bp

• TED Spread 19.0 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.75 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.

• Yield Curve 177.0 -3 bps

• China Import Iron Ore Spot $143.40/Metric Tonne -.49%

• Citi US Economic Surprise Index 21.1 +.1 point

• 10-Year TIPS Spread 2.56 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -94 open in Japan

• DAX Futures: Indicating -11 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech sector longs, index hedges and emerging markets shorts
• Disclosed Trades: Added to my (IWM), (QQQ) hedges, then covered some of them
• Market Exposure: 50% Net Long