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

Today's Market Take:

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.63 -1.36%

• Euro/Yen Carry Return Index 134.66 +.73%

• Emerging Markets Currency Volatility(VXY) 10.96 +.74%

• S&P 500 Implied Correlation 57.76 -2.51%

• ISE Sentiment Index 93.0 +47.62%

• Total Put/Call .92 -9.8%

• NYSE Arms 1.08 -5.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 87.03 +.22%

• European Financial Sector CDS Index 166.84 +2.17%

• Western Europe Sovereign Debt CDS Index 95.0 unch.

• Emerging Market CDS Index 319.50 +.81%

• 2-Year Swap Spread 15.25 +.25 bp

• TED Spread 24.25 +1.5 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -10.50 +1.25 bps

Economic Gauges:

• 3-Month T-Bill Yield .03% -2 bps

• Yield Curve 212.0 +1 bp

• China Import Iron Ore Spot $116.50/Metric Tonne +1.04%

• Citi US Economic Surprise Index -9.0 -1.9 points

• Citi Emerging Markets Economic Surprise Index -37.10 -.8 point 

• 10-Year TIPS Spread 1.99 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +218 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

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

• Market Exposure: 50% Net Long