Stocks Falling into Final Hour on Rising Global Growth Fears, Terror Concerns, Technical Selling, Homebuilding/Tech Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 18.15 +9.93%

• ISE Sentiment Index 89.0 -1.11%

• Total Put/Call 1.18 -.84%

• NYSE Arms 1.01 -65.34%

Credit Investor Angst:

• North American Investment Grade CDS Index 84.98 +1.01%

• European Financial Sector CDS Index 175.54 +2.54%

• Western Europe Sovereign Debt CDS Index 98.84 -2.31%

• Emerging Market CDS Index 241.90 +3.24%

• 2-Year Swap Spread 14.0 -.25 bp

• TED Spread 22.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 146.0 -1 basis point

• China Import Iron Ore Spot $138.60/Metric Tonne -.50%

• Citi US Economic Surprise Index -5.0 -1.3 points

• 10-Year TIPS Spread 2.26 -11 basis points

Overseas Futures:

• Nikkei Futures: Indicating +90 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 25% Net Long