Stocks Reversing Lower into Final Hour on Falling Euro, Rising Global Growth Fears, Tech/Commodity Sector Weakness, More Shorting

Broad Market Tone:

• Advance/Decline Line: Lower
  
• Sector Performance: Mixed
  
• Volume: Below Average
  
• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• VIX 21.41 -2.59%
  
• ISE Sentiment Index 112.0 -5.08%
  
• Total Put/Call 1.0 +8.7%
  
• NYSE Arms 1.05 -6.56%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 117.40 -.41%
  
• European Financial Sector CDS Index 280.55 -5.94%
  
• Western Europe Sovereign Debt CDS Index 309.33 -2.20%
  
• Emerging Market CDS Index 304.50 +1.0%
  
• 2-Year Swap Spread 34.50 -.75 basis point
  
• TED Spread 38.50 -1.0 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -47.50 +3.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .08% +1 basis point
  
• Yield Curve 148.0 +4 basis points
  
• China Import Iron Ore Spot $131.10/Metric Tonne +.15%
  
• Citi US Economic Surprise Index -25.50 -.2 point
  
• 10-Year TIPS Spread 2.18 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a -1 open in Japan
• DAX Futures: Indicating -46 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my Retail/Biotech sector longs and index hedges
  
• Disclosed Trades: None
  
• Market Exposure: 50% Net Long