Stocks Slightly Lower into Final Hour on Rising Global Growth Fears, Transport/Commodity Sector Weakness, More Shorting, Technical Selling

Broad Market Tone:

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

Equity Investor Angst:

• VIX 17.99 +2.98%
  
• ISE Sentiment Index 106.0 -4.5%
  
• Total Put/Call .91 +1.11%
  
• NYSE Arms 1.18 +58.71%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 100.83 bps -.97%
  
• European Financial Sector CDS Index 238.39 bps -.71%
  
• Western Europe Sovereign Debt CDS Index 223.87 -2.38%
  
• Emerging Market CDS Index 241.92 -1.97%
  
• 2-Year Swap Spread 16.0 -1.0 basis point
  
• TED Spread 32.0 -1.25 basis points
  
• 3-Month EUR/USD Cross-Currency Basis Swap -27.25 +3.5 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
  
• Yield Curve 134.0 unch.
  
• China Import Iron Ore Spot $86.90/Metric Tonne -2.47%
  
• Citi US Economic Surprise Index -2.8 -.5 point
  
• 10-Year TIPS Spread 2.27 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +9 open in Japan
• DAX Futures: Indicating +29 open in Germany
  

Portfolio:

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