Stocks Surging into Final Hour on Less Eurozone Debt Angst, More Tech Sector Optimism, Short-Covering, Investor Performance Angst

Broad Market Tone:

• Advance/Decline Line: Substantially Higher
  
• Sector Performance: Almost Every Sector Rising
  
• Volume: Light
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 17.83 -6.45%
  
• ISE Sentiment Index 114.0 +12.87%
  
• Total Put/Call .91 -5.21%
  
• NYSE Arms .67 -16.25%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 96.10 -.08%
  
• European Financial Sector CDS Index 174.32 -4.07%
  
• Western Europe Sovereign Debt CDS Index 349.82 -.80%
  
• Emerging Market CDS Index 237.02 -3.40%
  
• 2-Year Swap Spread 25.50 -.25 bp
  
• TED Spread 39.75 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -64.0 +.5 bp
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 171.0 +4 bps
  
• China Import Iron Ore Spot $142.60/Metric Tonne -.28%
  
• Citi US Economic Surprise Index 45.60 -1.3 points
  
• 10-Year TIPS Spread 2.26 +4 bps
  

Overseas Futures:

• Nikkei Futures: Indicating +75 open in Japan
• DAX Futures: Indicating +27 open in Germany

Portfolio:

• Higher: On gains in my Tech, Retail, Medical and Biotech sector longs
  
• Disclosed Trades: Covered all of my (IWM)/(QQQ) hedges and some of my (EEM) short
  
• Market Exposure: Moved to 100% Net Long