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

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.02 +1.96%

• ISE Sentiment Index 110.0 +17.02%

• Total Put/Call .93 +19.23%

• NYSE Arms .96 +23.05%

Credit Investor Angst:

• North American Investment Grade CDS Index 92.48 +2.15%

• European Financial Sector CDS Index 199.75 +5.25%

• Western Europe Sovereign Debt CDS Index 103.82 +3.30%

• Emerging Market CDS Index 267.55 +2.76%

• 2-Year Swap Spread 17.75 -.5 bp

• TED Spread 20.25 -1.5 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 -.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .08% +1 bp

• Yield Curve 160.0 -6 bps

• China Import Iron Ore Spot $137.40/Metric Tonne +.22%

• Citi US Economic Surprise Index 25.10 unch.

• 10-Year TIPS Spread 2.52 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating +57 open in Japan

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech, biotech and medical sector longs
• Disclosed Trades: None
• Market Exposure: 50% Net Long