Stocks Falling into Final Hour on Rising Global Growth Fears, Rising Eurozone Debt Angst, Margin Selling, Transport/Financial Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 17.42 +7.07%

• ISE Sentiment Index 68.0 -19.05%

• Total Put/Call 1.18 +4.42%

• NYSE Arms 1.62 +32.73%

Credit Investor Angst:

• North American Investment Grade CDS Index 84.89 +3.68%

• European Financial Sector CDS Index 156.58 +5.01%

• Western Europe Sovereign Debt CDS Index 83.50 +3.0%

• Emerging Market CDS Index 299.25 +4.5%

• 2-Year Swap Spread 17.0 +.5 bp

• TED Spread 22.75 -1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -13.25 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% +2 bps

• Yield Curve 180.0 -4 bps

• China Import Iron Ore Spot $116.60/Metric Tonne unch.

• Citi US Economic Surprise Index -29.0 -7.2 points

• 10-Year TIPS Spread 2.16 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating -45 open in Japan

• DAX Futures: Indicating -18 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long