Stocks Falling into Final Hour on Surging Eurozone Debt Angst, Global Growth Fears, Rising Mideast Unrest, Tech/Commodity/Homebuilding Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.37 +11.4%
  

• ISE Sentiment Index 125.0 +15.7%

• Total Put/Call 1.05 +16.7%

• NYSE Arms 1.36 +60.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.19 +3.5%

• European Financial Sector CDS Index 159.0 +9.4%

• Western Europe Sovereign Debt CDS Index 104.9 +2.5%

• Emerging Market CDS Index 231.73 +2.0%

• 2-Year Swap Spread 16.75 +.75 bp

• TED Spread 24.0 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 -3.0 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 171.0 -2 bps

• China Import Iron Ore Spot $154.20/Metric Tonne +.65%

• Citi US Economic Surprise Index -29.3 -1.2 points

• 10-Year TIPS Spread 2.56 unch.

Overseas Futures:

• Nikkei Futures: Indicating -104 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech/medical/retail/biotech sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 25% Net Long