Stocks Lower into Final Hour on Rising Eurozone Debt Angst, Global Growth Fears, Earnings Concerns, Biotech/Energy Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.54 +5.44%
• Euro/Yen Carry Return Index 136.04 +.03%
• Emerging Markets Currency Volatility(VXY) 9.81 -1.01%
• S&P 500 Implied Correlation 54.91 +4.43%

• ISE Sentiment Index 105.0 -3.67%

• Total Put/Call 1.0 +20.48%

• NYSE Arms .99 +6.33% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.91 +1.11%

• European Financial Sector CDS Index 160.22 +1.47%

• Western Europe Sovereign Debt CDS Index 97.29 +1.35%

• Emerging Market CDS Index 300.10 -.03%

• 2-Year Swap Spread 17.0 -1.25 bps

• TED Spread 24.0 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -10.25 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 221.0 -1 bp

• China Import Iron Ore Spot $129.0/Metric Tonne +1.65%

• Citi US Economic Surprise Index -5.30 +9.7 points
• Citi Emerging Markets Economic Surprise Index -36.0 +.2 point

• 10-Year TIPS Spread 2.12 +4 bps

Overseas Futures:

• Nikkei Futures: Indicating -9 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

• Slightly Lower: On losses in my medical/biotech/retail sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long