Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Rising Eurozone/Asian Debt Angst, Rising Energy Prices, Homebuilding/Financial Sector Weakness

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.39 +.28%
• Euro/Yen Carry Return Index 134.66 -.11%
• Emerging Markets Currency Volatility(VXY) 10.57 +.09%
• S&P 500 Implied Correlation 51.73 +1.85%

• ISE Sentiment Index 67.0 -32.32%

• Total Put/Call .97 -3.0%

• NYSE Arms 1.39 +88.19% 

Credit Investor Angst:

• North American Investment Grade CDS Index 82.15 +.52%

• European Financial Sector CDS Index 157.97 +2.69%

• Western Europe Sovereign Debt CDS Index 96.0 +1.05%

• Emerging Market CDS Index 337.67 +4.07%

• 2-Year Swap Spread 17.0 unch.

• TED Spread 23.75 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% -1 bp

• Yield Curve 231.0 +5 bps

• China Import Iron Ore Spot $123.90/Metric Tonne +.16%

• Citi US Economic Surprise Index -10.20 +1.8 points
• Citi Emerging Markets Economic Surprise Index -33.70 -3.5 points

• 10-Year TIPS Spread 2.05 unch.

Overseas Futures:

• Nikkei Futures: Indicating -25 open in Japan

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech and biotech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedge
• Market Exposure: Moved to 25% Net Long