Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Earnings, Commodity/Tech Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.58 -.29%

• ISE Sentiment Index 107.0 -.93%

• Total Put/Call .87 -6.35%

• NYSE Arms .98 +5.61%

Credit Investor Angst:

• North American Investment Grade CDS Index 78.0 -1.38%

• European Financial Sector CDS Index 159.34 -.31%

• Western Europe Sovereign Debt CDS Index 95.26 +.09%

• Emerging Market CDS Index 239.57 +.31%

• 2-Year Swap Spread 14.25 +.75 bp

• TED Spread 23.0 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 145.0 -3 bps

• China Import Iron Ore Spot $134.10/Metric Tonne -.37%

• Citi US Economic Surprise Index -12.40 -6.2 points

• 10-Year TIPS Spread 2.38 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +3 open in Japan

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/biotech sector longs and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long