Stocks Slightly Lower into Final Hour on Rising Fiscal Cliff Concerns, More Eurozone Debt Angst, Growing Global Growth Fears, Consumer Discretionary/Energy Sector Weakness

Today's Market Take:
 
Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  
• Sector Performance: Most Sectors Declining
• Volume: Light
• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 15.70 +3.70%
• ISE Sentiment Index 146.0 +37.7%
• Total Put/Call .62 -30.34%
• NYSE Arms 1.20 +184.88%

Credit Investor Angst:

• North American Investment Grade CDS Index 101.14 +2.09%
• European Financial Sector CDS Index 166.08 +3.45%
• Western Europe Sovereign Debt CDS Index 113.46 bps -1.0%
• Emerging Market CDS Index 257.0 bps +1.74%
• 2-Year Swap Spread 13.5 -.5 basis point
• TED Spread 22.0 -.5 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -28.0 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% +2 basis point
• Yield Curve 140.0 -2 basis points
• China Import Iron Ore Spot $118.20/Metric Tonne -.59%
• Citi US Economic Surprise Index 47.50 +.1 point
• 10-Year TIPS Spread 2.39 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating -22 open in Japan
• DAX Futures: Indicating +15 open in Germany

Portfolio:

• Slightly Higher: On gains in my Tech sector longs and Emerging Markets shorts
• Disclosed Trades: None
• Market Exposure: 50% Net Long