Stocks Reversing Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, Technical Selling, Homebuilding/Transportation Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.06 +5.63%
  

• ISE Sentiment Index 85.0 -12.0%

• Total Put/Call .93 -5.1%

• NYSE Arms 1.02 +35.12%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.72 +4.1%

• European Financial Sector CDS Index 142.2 +1.5%

• Western Europe Sovereign Debt CDS Index 100.8 +1.4%

• Emerging Market CDS Index 228.5 +5.2%

• 2-Year Swap Spread 15.75 -.25 bp

• TED Spread 23.75 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.25 +2.0 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 172.0 +1 bp

• China Import Iron Ore Spot $149.40/Metric Tonne +.67%

• Citi US Economic Surprise Index -30.8 -23.8 points

• 10-Year TIPS Spread 2.55 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating -3 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech sector longs, index hedges and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long