Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.14 -9.66%
  
• ISE Sentiment Index 53.0 -35.37%
  
• Total Put/Call 1.07 -3.60%
  
• NYSE Arms .99 -71.08%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 115.31 -2.3%
  
• European Financial Sector CDS Index 276.06 -.04%
  
• Western Europe Sovereign Debt CDS Index 295.20 -1.13%
  
• Emerging Market CDS Index 290.36 -1.45%
  
• 2-Year Swap Spread 23.75 -2.0 basis points
  
• TED Spread 38.50 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -54.50 -1.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 136.0 +5 basis points
  
• China Import Iron Ore Spot $137.40/Metric Tonne unch.
  
• Citi US Economic Surprise Index -64.40 +.4 point
  
• 10-Year TIPS Spread 2.08 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a +32 open in Japan
• DAX Futures: Indicating +17 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my tech, medical and biotech sector longs
  
• Disclosed Trades: None
  
• Market Exposure: 50% Net Long