Stocks Slighly Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, Profit-Taking, Commodity/Financial 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 12.33 +.74%

• ISE Sentiment Index 54.0 -50.0%

• Total Put/Call 1.12 +28.74%

• NYSE Arms 1.38 +54.35%

Credit Investor Angst:

• North American Investment Grade CDS Index 81.90 +.32%

• European Financial Sector CDS Index 167.55 +5.4%

• Western Europe Sovereign Debt CDS Index 97.26 +1.5%

• Emerging Market CDS Index 223.32 -.78%

• 2-Year Swap Spread 14.50 +.5 bp

• TED Spread 22.55 +.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.75 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 149.0 -7 basis points

• China Import Iron Ore Spot $141.0/Metric Tonne +.07%

• Citi US Economic Surprise Index 7.80 -1.2 points

• 10-Year TIPS Spread 2.44 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating -45 open in Japan

• DAX Futures: Indicating +42 open in Germany

Portfolio: 

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