Stocks Higher into Afternoon on Bargain-Hunting, Short-Covering, Tech/Financial Sector Strength

Broad Market Tone:

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

Equity Investor Angst:

• VIX 24.91 -4.63%
  
• ISE Sentiment Index 102.0 +21.43%
  
• Total Put/Call .87 -12.12%
  
• NYSE Arms .62 -49.52%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 126.90 -.45%
  
• European Financial Sector CDS Index 302.95 +.34%
  
• Western Europe Sovereign Debt CDS Index 327.79 -.28%
  
• Emerging Market CDS Index 325.87 -2.97%
  
• 2-Year Swap Spread 36.0 -1.5 basis points
  
• TED Spread 39.75 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -55.50 +3.5 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.
  
• Yield Curve 130.0 +4 basis points
  
• China Import Iron Ore Spot $134.0/Metric Tonne n/a
  
• Citi US Economic Surprise Index -50.50 +1.8 points
  
• 10-Year TIPS Spread 2.12 +5 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating a +48 open in Japan
• DAX Futures: Indicating +15 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my Retail, Biotech, Medical and Tech sector longs
  
• Disclosed Trades: None
  
• Market Exposure: 50% Net Long