Stocks Lower into Final Hour on Rising Global Growth Fears, Eurozone Debt Angst, Asia Tensions, Tech/Homebuilding Sector Weakness

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Almost Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.72 +8.11%

• ISE Sentiment Index 62.0 -34.74%

• Total Put/Call .98 +10.11%

• NYSE Arms 1.57 +84.94%

Credit Investor Angst:

• North American Investment Grade CDS Index 90.09 -.78%

• European Financial Sector CDS Index 194.48 +.07%

• Western Europe Sovereign Debt CDS Index 105.01 -.03%

• Emerging Market CDS Index 275.0 +3.59%

• 2-Year Swap Spread 17.0 -1.25 bps

• TED Spread 21.5 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 bp

• Yield Curve 160.0 -1 bp

• China Import Iron Ore Spot $137.30/Metric Tonne unch.

• Citi US Economic Surprise Index 12.20 -6.7 points

• 10-Year TIPS Spread 2.52 unch.

Overseas Futures:

• Nikkei Futures: Indicating unch. open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

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