Stocks Weakening into Final Hour on Rising Global Growth Fears, US Fiscal Cliff Worries, Earnings Jitters, Tech/Real Estate Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Higher
• Sector Performance: Most Sectors Rising
• Volume: Below Average
• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 16.41 +4.32%
• ISE Sentiment Index 110.0 +10.0%
• Total Put/Call .87 -12.12%
• NYSE Arms .93 -45.16%

Credit Investor Angst:

• North American Investment Grade CDS Index 98.98 bps -.17%
• European Financial Sector CDS Index 200.81 bps -1.34%
• Western Europe Sovereign Debt CDS Index 145.61 -1.53%
• Emerging Market CDS Index 219.22 -1.82%
• 2-Year Swap Spread 13.25 -.25 basis point
• TED Spread 27.5 +.75 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -27.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .08% -1 basis point
• Yield Curve 138.0 -1 basis point
• China Import Iron Ore Spot $104.20/Metric Tonne unch.
• Citi US Economic Surprise Index 11.0 +5.2 points
• 10-Year TIPS Spread 2.42 unch.

Overseas Futures:

• Nikkei Futures: Indicating +21 open in Japan
• DAX Futures: Indicating -44 open in Germany

Portfolio:

• Slightly Higher: On gains in my Biotech/Medical/Retail sector longs
• Disclosed Trades: None
• Market Exposure: 25% Net Long