Stocks Slightly Higher into Final Hour on Less Eurozone Debt Angst, Short-Covering, More Financial Sector Optimism, Bargain-Hunting

Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.89 -5.98%
  
• ISE Sentiment Index 139.0 +39.0%
  
• Total Put/Call .97 -2.02%
  
• NYSE Arms .87 -15.06%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 102.48 -1.0%
  
• European Financial Sector CDS Index 263.95 +1.98%
  
• Western Europe Sovereign Debt CDS Index 283.06 -1.45%
  
• Emerging Market CDS Index 258.99 -1.04%
  
• 2-Year Swap Spread 31.75 -1.25 basis points
  
• TED Spread 37.50 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -44.0 +4.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
  
• Yield Curve 162.0 +5 basis points
  
• China Import Iron Ore Spot $139.30/Metric Tonne -1.42%
  
• Citi US Economic Surprise Index -25.60 -4.0 points
  
• 10-Year TIPS Spread 2.17 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a +45 open in Japan
• DAX Futures: Indicating -3 open in Germany
  

Portfolio:

• Slightly Lower: On losses in my Tech sector longs and index hedges
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, added to my (EEM) short
  
• Market Exposure: Moved to 25% Net Long