Stocks Surging into Final Hour on Less Eurozone Debt Angst, More Financial/Tech Sector Optimism, Diminished Global Growth Fears, 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 18.16 -9.29%
  
• ISE Sentiment Index 185.0 +96.81%
  
• Total Put/Call .84 -22.22%
  
• NYSE Arms .53 -36.61%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 96.87 -5.13%
  
• European Financial Sector CDS Index 235.45 -4.74%
  
• Western Europe Sovereign Debt CDS Index 272.28 -.91%
  
• Emerging Market CDS Index 261.08 -2.11%
  
• 2-Year Swap Spread 28.50 -.25 basis point
  
• TED Spread 38.50 -.25 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -52.75 +4.0 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 177.0 +4 basis points
  
• China Import Iron Ore Spot $148.80/Metric Tonne +.07%
  
• Citi US Economic Surprise Index 15.40 +10.6 points
  
• 10-Year TIPS Spread 2.30 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a +73 open in Japan
• DAX Futures: Indicating +13 open in Germany
  

Portfolio:

• Higher: On gains in my Retail, Technology, Medical and Biotech sector longs
  
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
  
• Market Exposure: Moved to 75% Net Long