Stocks Falling into Final Hour on Rising Global Growth Fears, Asian Tensions, Eurozone Debt Angst, Homebuilding/Financial Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.17 +10.88%

• ISE Sentiment Index 78.0 -20.41%

• Total Put/Call 1.03 +19.77%

• NYSE Arms 1.64 +52.58%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.23 +1.73%

• European Financial Sector CDS Index 179.28 -3.1%

• Western Europe Sovereign Debt CDS Index 103.86 -.45%

• Emerging Market CDS Index 262.89 -2.17%

• 2-Year Swap Spread 16.0 -.25 bp

• TED Spread 22.5 +1 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 158.0 -4 bps

• China Import Iron Ore Spot $135.60/Metric Tonne -.37%

• Citi US Economic Surprise Index 8.40 -5.2 points

• 10-Year TIPS Spread 2.49 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating a -130 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

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