Stocks Lower into Afternoon on Rising Global Growth Fears, Yen Strength, Technical Selling, Financials/Metals Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 17.11 +4.3%

• ISE Sentiment Index 109.0 -28.8%

• Total Put/Call 1.21 +24.74%

• NYSE Arms 1.54 +178.55%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.67 +.60%

• European Financial Sector CDS Index 159.69 -2.86%

• Western Europe Sovereign Debt CDS Index 88.83 -2.38%

• Emerging Market CDS Index 298.19 -.92%

• 2-Year Swap Spread 15.75 -.75 bp

• TED Spread 23.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 186.0 -1 bp

• China Import Iron Ore Spot $113.60/Metric Tonne +1.43%

• Citi US Economic Surprise Index -29.70 -1.7 points

• 10-Year TIPS Spread 2.06 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating -52 open in Japan

• DAX Futures: Indicating -40 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long