Stocks Falling into Final Hour on Rising Global Growth Fears, Rising Eurozone Debt Angst, Technical Selling, Transport/Financial Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.42 +6.66%

• ISE Sentiment Index 92.0 -12.38%

• Total Put/Call 1.01 +14.77%

• NYSE Arms 1.56 +26.33%

Credit Investor Angst:

• North American Investment Grade CDS Index 77.12 +3.0%

• European Financial Sector CDS Index 147.16 +1.0%

• Western Europe Sovereign Debt CDS Index 94.33 unch.

• Emerging Market CDS Index 234.24 +2.18%

• 2-Year Swap Spread 14.5 +.75 bp

• TED Spread 22.25 -.5 bp

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

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 143.0 -3.0 bps

• China Import Iron Ore Spot $134.10/Metric Tonne unch.

• Citi US Economic Surprise Index -3.80 -2.1 points

• 10-Year TIPS Spread 2.30 -4 basis points

Overseas Futures:

• Nikkei Futures: Indicating +19 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long