Stocks Slightly Lower into Final Hour on Profit-Taking, Technical Selling, Homebuilding/Healthcare Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.99 +4.34%

• ISE Sentiment Index 99.0 +10.0%

• Total Put/Call .78 -2.50%

• NYSE Arms .76 +22.91%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.88 +.80%

• European Financial Sector CDS Index 127.84 -2.29%

• Western Europe Sovereign Debt CDS Index 86.35 -.95%

• Emerging Market CDS Index 247.65 +.46%

• 2-Year Swap Spread 14.5 unch.

• TED Spread 24.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -15.5 +1.75 bps

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 172.0 +2 bps

• China Import Iron Ore Spot $123.0/Metric Tonne -.08%

• Citi US Economic Surprise Index -18.2 -.7 point

• 10-Year TIPS Spread 2.27 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +9 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/tech/medical sector longs

• Disclosed Trades: None

• Market Exposure: 75% Net Long