Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, Rising Mideast Unrest, Transports Weakness

Broad Market Tone:

• Advance/Decline Line: Higher
• Sector Performance: Mixed
• Volume: About Average
• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.71 -2.56%
• ISE Sentiment Index 114.0 -1.72%
• Total Put/Call .79 -5.95%
• NYSE Arms 1.31 +20.42%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.23 bps +.02%
• European Financial Sector CDS Index 182.67 bps -2.36%
• Western Europe Sovereign Debt CDS Index 132.20 -1.47%
• Emerging Market CDS Index 213.06 +.88%
• 2-Year Swap Spread 13. -.25 basis point
• TED Spread 26.75 unch.
• 3-Month EUR/USD Cross-Currency Basis Swap -20.5 +1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .10% -1 basis point
• Yield Curve 149.0 -2 basis points
• China Import Iron Ore Spot $106.40/Metric Tonne -2.47%
• Citi US Economic Surprise Index 20.6 unch.
• 10-Year TIPS Spread 2.49 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating -70 open in Japan
• DAX Futures: Indicating +2 open in Germany

Portfolio:

• Slightly Higher: On gains in my Biotech/Medical/Tech sector long
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
• Market Exposure: 50% Net Long