Today's Market Take:

Broad Market Tone:

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

Equity Investor Angst:

• VIX 16.93 -9.03%
• ISE Sentiment Index 93.0 -23.3%
• Total Put/Call .97 -17.09%
• NYSE Arms 1.02 +24.36%

Credit Investor Angst:

• North American Investment Grade CDS Index 106.74 bps +.12%
• European Financial Sector CDS Index 182.55 bps +1.99%
• Western Europe Sovereign Debt CDS Index 120.91 bps +6.63%
• Emerging Market CDS Index 239.09 bps -.21%
• 2-Year Swap Spread 11.75 unch.
• TED Spread 21.75 unch.
• 3-Month EUR/USD Cross-Currency Basis Swap -26.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
• Yield Curve 135.0 unch.
• China Import Iron Ore Spot $122.10/Metric Tonne unch.
• Citi US Economic Surprise Index 60.80 +.1 point
• 10-Year TIPS Spread 2.43 unch.
  

Overseas Futures:

• Nikkei Futures: Indicating +23 open in Japan
• DAX Futures: Indicating +8 open in Germany

Portfolio:

• Slightly Lower: On losses in my Tech and Retail sector longs
• Disclosed Trades: None
• Market Exposure: 50% Net Long