Stocks Reversing Higher into Final Hour on Global Central Bank Stimulus/Action Hopes, Short-Covering, Investor Performance Angst

Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.47 -3.07%
  
• ISE Sentiment Index 120.0 +29.03%
  
• Total Put/Call .84 -8.7%
  
• NYSE Arms .91 -45.55%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 101.11 bps -.65%
  
• European Financial Sector CDS Index 249.56 bps +2.02%
  
• Western Europe Sovereign Debt CDS Index 233.98 +2.03%
  
• Emerging Market CDS Index 250.30 +.47%
  
• 2-Year Swap Spread 18.25 +.5 basis point
  
• TED Spread 33.25 +.25 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -33.5 unch.
  

Economic Gauges:

• 3-Month T-Bill Yield .09% -1 basis point
  
• Yield Curve 141.0 +1 basis point
  
• China Import Iron Ore Spot $99.40/Metric Tonne -.20%
  
• Citi US Economic Surprise Index -9.30 +4.4 points
  
• 10-Year TIPS Spread 2.30 unch.
  

Overseas Futures:

• Nikkei Futures: Indicating +25 open in Japan
• DAX Futures: Indicating -15 open in Germany
  

Portfolio:

• Higher: On gains in my Retail/Medical/Biotech/Tech sector longs and Emerging Markets shorts
  
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
  
• Market Exposure: Moved to 50% Net Long