Stocks Falling Slightly into Final Hour on Rising Global Growth Fears, Earnings Worries, Rising Eurozone Debt Angst, Profit-Taking

Broad Market Tone:

• Advance/Decline Line: Lower
• Sector Performance: Most Sectors Declining
• Volume: Slightly Below Average
• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.22 +2.45%
• ISE Sentiment Index 124.0 -10.79%
• Total Put/Call .84 +20.0%
• NYSE Arms 1.18 +22.55%

Credit Investor Angst:

• North American Investment Grade CDS Index 95.77 bps new series
• European Financial Sector CDS Index 187.33 bps new series
• Western Europe Sovereign Debt CDS Index 134.39 bps new series
• Emerging Market CDS Index 236.67 bps new series
• 2-Year Swap Spread 13.25 +.25 basis point
• TED Spread 26.75 -.25 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 -2.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .11% unch.
• Yield Curve 151.0 unch.
• China Import Iron Ore Spot $109.10/Metric Tonne -.37%
• Citi US Economic Surprise Index 20.60 +.1 point
• 10-Year TIPS Spread 2.50 -5 basis points

Overseas Futures:

• Nikkei Futures: Indicating -43 open in Japan
• DAX Futures: Indicating +6 open in Germany

Portfolio:

• Slightly Higher: On gains in my Medical/Biotech sector longs and index hedges
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and then covered some of them
• Market Exposure: 50% Net Long