Stocks Falling into Final Hour on Rising Global Growth Fears, Rising Eurozone/Emerging Markets Debt Angst, Technical Selling, Homebuilding/Commodity Sector Weakness

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Substantially Lower
  

• Sector Performance: Every Sector Declining
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 17.12 +10.88%

• ISE Sentiment Index 98.0 +25.64%

• Total Put/Call 1.02 -3.77%

• NYSE Arms .82 -7.11%

Credit Investor Angst:

• North American Investment Grade CDS Index 85.38 +1.52%

• European Financial Sector CDS Index 162.63 +3.34%

• Western Europe Sovereign Debt CDS Index 91.25 +4.88%

• Emerging Market CDS Index 341.24 +6.19%

• 2-Year Swap Spread 18.0 unch.

• TED Spread 22.5 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 186.0 -3 bps

• China Import Iron Ore Spot $110.90/Metric Tonne n/a

• Citi US Economic Surprise Index -31.0 +1.9 points

• 10-Year TIPS Spread 2.09 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -323 open in Japan

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

• Slightly Higher: On gains in my index hedges and emerging markets shorts

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long