Stocks Rising into Final Hour on More Financial/Tech Sector Optimism, Better US Economic Data, Short-Covering, Investor Performance Angst

Broad Market Tone:

• Advance/Decline Line: Higher
  
• Sector Performance: Most Sectors Rising
  
• Volume: Below Average
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 17.27 -5.06%
  
• ISE Sentiment Index 118.0 +24.21%
  
• Total Put/Call 1.02 +14.61%
  
• NYSE Arms 1.09 +13.13%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 96.59 -1.51%
  
• European Financial Sector CDS Index 184.17 +.41%
  
• Western Europe Sovereign Debt CDS Index 350.23 -.10%
  
• Emerging Market CDS Index 251.40 -.37%
  
• 2-Year Swap Spread 30.0 +.5 bp
  
• TED Spread 40.50 -.5 bp
  
• 3-Month EUR/USD Cross-Currency Basis Swap -71.0 -2.5 bps
  

Economic Gauges:

• 3-Month T-Bill Yield .09% +1 bp
  
• Yield Curve 168.0 -3 bps
  
• China Import Iron Ore Spot $138.70/Metric Tonne +2.06%
• Citi US Economic Surprise Index 58.30 -1.5 points
  
• 10-Year TIPS Spread 2.31 +1 bp
  

Overseas Futures:

• Nikkei Futures: Indicating -10 open in Japan
• DAX Futures: Indicating +9 open in Germany

Portfolio:

• Higher: On gains in my Biotech, Medical, Retail and Tech sector longs
  
• Disclosed Trades: Covered all of my (IWM)/(QQQ) hedges and some of my (EEM) short, then added them back
  
• Market Exposure: 75% Net Long