Stocks Rising Slightly into Final Hour on Global Central Bank Hopes, Less Eurozone Debt Angst, Short-Covering, Investor Performance Angst

Broad Market Tone:

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

Equity Investor Angst:

• VIX 14.54 +3.49%
  
• ISE Sentiment Index 220.0 +26.44%
  
• Total Put/Call .64 -17.95%
  
• NYSE Arms .70 +88.92%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 83.13 bps -3.14%
  
• European Financial Sector CDS Index 184.99 bps -9.12%
  
• Western Europe Sovereign Debt CDS Index 170.77 -6.33%
  
• Emerging Market CDS Index 193.80 -4.65%
  
• 2-Year Swap Spread 12.5 -1.0 basis point
  
• TED Spread 28.75 -1.5 basis points
  
• 3-Month EUR/USD Cross-Currency Basis Swap -16.75 +.25 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.
  
• Yield Curve 161.0 +11 basis points
  
• China Import Iron Ore Spot $101.60/Metric Tonne +5.72%
  
• Citi US Economic Surprise Index 20.40 -4.7 points
  
• 10-Year TIPS Spread 2.64 +16 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +33 open in Japan
• DAX Futures: Indicating -17 open in Germany
  

Portfolio:

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

Today's Market Take