Stocks Surging into Final Hour on Less Eurozone Debt Angst, Global Central Bank Stimulus Hopes, Short-Covering, Bargain-Hunting

Broad Market Tone:

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

Equity Investor Angst:

• VIX 17.83 -7.81%
  
• ISE Sentiment Index 90.0 -24.37%
  
• Total Put/Call .94 +1.08%
  
• NYSE Arms .79 -33.44%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 111.53 bps -3.39%
  
• European Financial Sector CDS Index 279.71 bps -4.82%
  
• Western Europe Sovereign Debt CDS Index 270.71 -3.60%
  
• Emerging Market CDS Index 265.33 -3.60%
  
• 2-Year Swap Spread 21.0 -.75 basis point
  
• TED Spread 34.50 -.75 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -40.75 +3.0 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
  
• Yield Curve 120.0 +2 basis points
  
• China Import Iron Ore Spot $117.30/Metric Tonne -1.10%
  
• Citi US Economic Surprise Index -53.80 +5.8 points
  
• 10-Year TIPS Spread 2.02 +2 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +93 open in Japan
• DAX Futures: Indicating -7 open in Germany
  

Portfolio:

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