Stocks Slightly Lower into Final Hour on Rising Eurozone Debt Angst, Rising Global Growth Fears, Technical Selling, Financial/REIT Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.08 +1.88%

• ISE Sentiment Index 95.0 -9.52%

• Total Put/Call .99 -2.94%

• NYSE Arms .91 -7.03%

Credit Investor Angst:

• North American Investment Grade CDS Index 72.98 +1.75%

• European Financial Sector CDS Index 135.96 +7.90%

• Western Europe Sovereign Debt CDS Index 79.66 +2.85%

• Emerging Market CDS Index 256.30 +3.1%

• 2-Year Swap Spread 15.50 +.75 bp

• TED Spread 23.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.50 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 177.0 -1 bp

• China Import Iron Ore Spot $123.20/Metric Tonne unch.

• Citi US Economic Surprise Index -17.80 +1.6 points

• 10-Year TIPS Spread 2.25 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +290 open in Japan

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my to (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long