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

Broad Market Tone:

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

Equity Investor Angst:

• VIX 17.05 -5.91%
  
• ISE Sentiment Index 110.0 +15.79%
  
• Total Put/Call .84 -7.69%
  
• NYSE Arms .79 -6.54%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 97.93 -1.81%
  
• European Financial Sector CDS Index 247.0 -3.57%
  
• Western Europe Sovereign Debt CDS Index 274.66 -2.55%
  
• Emerging Market CDS Index 258.38 -2.87%
  
• 2-Year Swap Spread 29.0 -2.25 basis points
  
• TED Spread 38.0 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -44.50 +1.5 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .09% +1 basis point
  
• Yield Curve 171.0 +1 basis point
  
• China Import Iron Ore Spot $146.70/Metric Tonne unch.
  
• Citi US Economic Surprise Index -.1 -4.3 points
  
• 10-Year TIPS Spread 2.27 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a +58 open in Japan
• DAX Futures: Indicating +7 open in Germany
  

Portfolio:

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