Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Profit-Taking, Homebuilding/Biotech Sector Weakness

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 12.84 +.23%

• ISE Sentiment Index 129.0 +29.0%

• Total Put/Call .94 +20.51%

• NYSE Arms 1.05 +80.56%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.28 -1.62%

• European Financial Sector CDS Index 133.83 -1.97%

• Western Europe Sovereign Debt CDS Index 90.34 +1.89%

• Emerging Market CDS Index 243.39 +.88%

• 2-Year Swap Spread 14.0 -.25 bp

• TED Spread 24.75 +1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.75 -1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% -1 bp

• Yield Curve 163.0 -7 bps

• China Import Iron Ore Spot $125.0/Metric Tonne -1.11%

• Citi US Economic Surprise Index -23.1 -12.5 points

• 10-Year TIPS Spread 2.26 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating +17 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long