Stocks Falling into Final Hour on Rising Global Growth Fears, Central Bank Concerns, Rising Eurozone Debt Angst, Commodity/Homebuilding Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Avergage

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 15.48 +6.54%

• ISE Sentiment Index 121.0 +27.37%

• Total Put/Call 1.13 +31.40%

• NYSE Arms .95 +20.44%

Credit Investor Angst:

• North American Investment Grade CDS Index 78.67 +3.08%

• European Financial Sector CDS Index 146.68 +1.45%

• Western Europe Sovereign Debt CDS Index 82.50 +1.0%

• Emerging Market CDS Index 275.21 +2.64%

• 2-Year Swap Spread 16.25 -.25 bp

• TED Spread 24.50 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 184.0 +2 bps

• China Import Iron Ore Spot $110.40/Metric Tonne -1.08%

• Citi US Economic Surprise Index -14.40 +4.7 points

• 10-Year TIPS Spread 2.19 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating -181 open in Japan

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

• Higher: On gains in my retail sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long