Stocks Slightly Higher into Final Hour on Technical Buying, Short-Covering, Bargain-Hunting

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.41 +.44%
• ISE Sentiment Index 107.0 +40.79%
• Total Put/Call .82 -9.89%
• NYSE Arms 1.14 -23.09%

Credit Investor Angst:

• North American Investment Grade CDS Index 97.77 bps -.92%
• European Financial Sector CDS Index 171.77 bps +.62%
• Western Europe Sovereign Debt CDS Index 103.77 bps -3.96%
• Emerging Market CDS Index 212.25 bps -.49%
• 2-Year Swap Spread 10.5 +1.0 basis point
• TED Spread 20.25 -.5 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -24.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .11% unch.
• Yield Curve 151.0 +2 basis points
• China Import Iron Ore Spot $120.0/Metric Tonne +1.1%
• Citi US Economic Surprise Index 51.70 +3.5 points
• 10-Year TIPS Spread 2.49 +1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +15 open in Japan
• DAX Futures: Indicating +5 open in Germany

Portfolio:

• Slightly Lower: On losses in my Tech/Retail sector longs and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 25% Net Long