Stocks Surging into Final Hour on Less Eurozone Debt Angst, Financial/Tech Sector Optimism, US Economic Data, Short-Covering

Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.93 +1.73%
  
• ISE Sentiment Index 98.0 -5.77%
  
• Total Put/Call .86 -18.87%
  
• NYSE Arms .36 -69.51%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 93.62 -2.1%
  
• European Financial Sector CDS Index 160.87 -6.91%
  
• Western Europe Sovereign Debt CDS Index 254.04 n/a
  
• Emerging Market CDS Index 229.26 -3.51%
  
• 2-Year Swap Spread 26.25 +.5 bp
  
• TED Spread 39.25 -.5 bp
  
• 3-Month EUR/USD Cross-Currency Basis Swap -63.75 -.25 bp
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 178.0 +7 bps
  
• China Import Iron Ore Spot $144.10/Metric Tonne +.56%
  
• Citi US Economic Surprise Index 41.0 +2.7 points
  
• 10-Year TIPS Spread 2.34 +5 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +166 open in Japan
• DAX Futures: Indicating +43 open in Germany

Portfolio:

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