Stocks Rising into Final Hour on US Election Optimism, Less Eurozone Debt Angst,Short-Covering, Tech/Commodity/Financial Sector Strength

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 17.30 -6.08%
• ISE Sentiment Index 153.0 +35.3%
• Total Put/Call .94 +16.05%
• NYSE Arms .54 -40.39%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.34 bps -.62%
• European Financial Sector CDS Index 168.59 bps -3.09%
• Western Europe Sovereign Debt CDS Index 111.21 bps -.12%
• Emerging Market CDS Index 229.85 bps -2.49%
• 2-Year Swap Spread 11.0 +1.5 basis points
• TED Spread 22.0 unch.
• 3-Month EUR/USD Cross-Currency Basis Swap -25.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
• Yield Curve 145.0 +4 basis points
• China Import Iron Ore Spot $121.10/Metric Tonne +.50%
• Citi US Economic Surprise Index 50.70 -2.1 points
• 10-Year TIPS Spread 2.49 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +100 open in Japan
• DAX Futures: Indicating +33 open in Germany

Portfolio:

• Higher: On gains in my tech, biotech, medical and retail sector longs
• Disclosed Trades: Covered all of my (IWM)/(QQQ) hedges, then added them back
• Market Exposure: 75% Net Long