Stocks Falling into Final Hour on Rising Global Growth Fears, Terror Worries, Rising Eurozone Debt Angst, Tech/Financial Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 16.52 +18.34%

• ISE Sentiment Index 88.0 +3.53%

• Total Put/Call 1.20 +36.36%

• NYSE Arms 2.53 +260.42%

Credit Investor Angst:

• North American Investment Grade CDS Index 84.34 +3.01%

• European Financial Sector CDS Index 171.12 +2.52%

• Western Europe Sovereign Debt CDS Index 101.18 -1.78%

• Emerging Market CDS Index 234.24 +.67%

• 2-Year Swap Spread 14.25 +.25 bp

• TED Spread 22.5 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 -1.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .05% -1 bp

• Yield Curve 147.0 -3 basis points

• China Import Iron Ore Spot $139.30/Metric Tonne -.07%

• Citi US Economic Surprise Index -3.70 +.4 point

• 10-Year TIPS Spread 2.37 -3 basis points

Overseas Futures:

• Nikkei Futures: Indicating -62 open in Japan

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long