Stocks Rising into Final Hour on Global Central Bank Stimulus Hopes, Euro Bounce, Short-Covering, Technical Buying

Broad Market Tone:

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

Equity Investor Angst:

• VIX 16.48 -3.68%
  
• ISE Sentiment Index 131.0 +22.43%
  
• Total Put/Call .87 -6.45%
  
• NYSE Arms .85 -36.64%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 111.34 -1.25%
  
• European Financial Sector CDS Index 281.05 bps -1.35%
  
• Western Europe Sovereign Debt CDS Index 259.06 -2.3%
  
• Emerging Market CDS Index 249.32 -1.36%
  
• 2-Year Swap Spread 23.25 -.5 basis point
  
• TED Spread 35.75 -1.0 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -47.25 +1.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .10% +1 basis point
  
• Yield Curve 125.0 +1 basis point
  
• China Import Iron Ore Spot $129.40/Metric Tonne -.54%
  
• Citi US Economic Surprise Index -62.30 +1.7 points
  
• 10-Year TIPS Spread 2.08 unch.
  

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan
• DAX Futures: Indicating +39 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my Biotech/Medical./Retail sector longs
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short, then covered some of them
  
• Market Exposure: 50% Net Long