Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, Technical Selling, Commodity/Transport 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 12.56 -.24%

• ISE Sentiment Index 82.0 -33.87%

• Total Put/Call .83 +12.16%

• NYSE Arms .73 -16.97%

Credit Investor Angst:

• North American Investment Grade CDS Index 73.64 +2.01%

• European Financial Sector CDS Index 139.48 +3.60%

• Western Europe Sovereign Debt CDS Index 90.62 +3.0%

• Emerging Market CDS Index 236.0 +1.1%

• 2-Year Swap Spread 14.25 +.75 basis point

• TED Spread 24.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.75 -.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 168.0 +3 bps

• China Import Iron Ore Spot $129.40/Metric Tonne -.15%

• Citi US Economic Surprise Index -8.0 -.7 point

• 10-Year TIPS Spread 2.32 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating +113 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long