Stocks Lower into Final Hour on Fed Taper Worries, Rising Global Growth Fears, Technical Selling, Homebuilding/Biotech Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 16.25 -.25%

• ISE Sentiment Index 84.0 +16.67%

• Total Put/Call 1.13 +24.18%

• NYSE Arms 1.09 +90.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 81.91 +4.22%

• European Financial Sector CDS Index 149.10 -4.2%

• Western Europe Sovereign Debt CDS Index 81.09 -2.78%

• Emerging Market CDS Index 199.75 +1.53%

• 2-Year Swap Spread 16.5 -.25 bp

• TED Spread 23.75 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -13.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 184.0 +3 bps

• China Import Iron Ore Spot $116.60/Metric Tonne +4.2%

• Citi US Economic Surprise Index -21.80 +.8 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +49 open in Japan

• DAX Futures: Indicating -26 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech/medical sector longs

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

• Market Exposure: Moved to 25% Net Long