Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Rising Asian/European Debt Angst, Technical Selling, Biotech/Commodity Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 18.37 +7.62%

• ISE Sentiment Index 69.0 -27.37%

• Total Put/Call 1.19 +16.67%

• NYSE Arms .88 +4.10%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.28 +2.02%

• European Financial Sector CDS Index 163.32 +.43%

• Western Europe Sovereign Debt CDS Index 90.0 -1.36%

• Emerging Market CDS Index 334.11 -2.53%

• 2-Year Swap Spread 17.0 -1.0 bp

• TED Spread 22.75 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 190.0 +4 bps

• China Import Iron Ore Spot $110.90/Metric Tonne n/a

• Citi US Economic Surprise Index -30.0 +1.0 point

• 10-Year TIPS Spread 2.06 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating -325 open in Japan

• DAX Futures: Indicating -24 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 25% Net Long