Stocks Slightly Lower into Final Hour on Rising Eurozone Debt Angst, Rising Global Growth Fears, Profit-Taking, Retail/Tech Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.32 +1.78%

• ISE Sentiment Index 78.0 -10.34%

• Total Put/Call 1.23 +23.0%

• NYSE Arms 1.13 +18.80%

Credit Investor Angst:

• North American Investment Grade CDS Index 75.64 +3.27%

• European Financial Sector CDS Index 142.35 +4.70%

• Western Europe Sovereign Debt CDS Index 78.66 -1.26%

• Emerging Market CDS Index 259.92 +1.24%

• 2-Year Swap Spread 16.0 +.5 bp

• TED Spread 23.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.0 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 176.0 -1 bp

• China Import Iron Ore Spot $123.20/Metric Tonne n/a

• Citi US Economic Surprise Index -15.30 +2.5 points

• 10-Year TIPS Spread 2.25 unch.

Overseas Futures:

• Nikkei Futures: Indicating -342 open in Japan

• DAX Futures: Indicating +13 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my to (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long