Stocks Rising into Final Hour on Less Eurozone Debt Angst, Global Central Bank Hopes, Short-Covering, Commodity Sector Strength

Broad Market Tone:

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

Equity Investor Angst:

• VIX 16.21 -.43%
  
• ISE Sentiment Index 123.0 +5.13%
  
• Total Put/Call .75 -3.85%
  
• NYSE Arms .85 -40.41%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 93.63 bps -1.5%
  
• European Financial Sector CDS Index 208.63 bps -2.31%
  
• Western Europe Sovereign Debt CDS Index 189.79 -1.57%
  
• Emerging Market CDS Index 211.68 -3.44%
  
• 2-Year Swap Spread 15.0 -.25 basis point
  
• TED Spread 30.25 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -22.0 +2.75 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
  
• Yield Curve 144.0 +1 basis point
  
• China Import Iron Ore Spot $100.20/Metric Tonne +5.47%
  
• Citi US Economic Surprise Index 25.10 +6.6 points
  
• 10-Year TIPS Spread 2.39 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +9 open in Japan
• DAX Futures: Indicating -15 open in Germany
  

Portfolio:

• Slightly Higher: On gains in my Tech/Medical sector longs
  
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
  
• Market Exposure: 50% Net Long