Stocks Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, QE Worries, Transport/Commodity Sector Weakness

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 13.26 +4.74%

• ISE Sentiment Index 99.0 -29.29%

• Total Put/Call 1.01 +16.09%

• NYSE Arms 1.05 +20.40%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.44 +2.06%

• European Financial Sector CDS Index 136.48 +2.56%

• Western Europe Sovereign Debt CDS Index 89.50 -2.07%

• Emerging Market CDS Index 230.71 -.56%

• 2-Year Swap Spread 13.5 -.25 bp

• TED Spread 24.0 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -14.75 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 159.0 +5 bps

• China Import Iron Ore Spot $130.20/Metric Tonne unch.

• Citi US Economic Surprise Index -6.9 +1.0 point

• 10-Year TIPS Spread 2.30 +2 bps

Overseas Futures:

• Nikkei Futures: Indicating +375 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long