Stocks Slightly Higher into Final Hour on Short-Covering, Bargain-Hunting, Healthcare Sector Strength

Today's Market Take:

Broad Market Tone:

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

Equity Investor Angst:

• VIX 18.35 -.97%
• ISE Sentiment Index 101.0 +44.3%
• Total Put/Call 1.15 +2.68%
• NYSE Arms .77 -52.82%

Credit Investor Angst:

• North American Investment Grade CDS Index 106.90 bps +2.32%
• European Financial Sector CDS Index 179.03 bps +2.16%
• Western Europe Sovereign Debt CDS Index 113.39 bps +.71%
• Emerging Market CDS Index 239.98 bps +2.28%
• 2-Year Swap Spread 11.75 +.25 basis point
• TED Spread 21.75 -.5 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -26.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
• Yield Curve 135.0 -1 basis point
• China Import Iron Ore Spot $122.10/Metric Tonne +.58%
• Citi US Economic Surprise Index 60.70 +1.1 points
• 10-Year TIPS Spread 2.43 -3 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating -23 open in Japan
• DAX Futures: Indicating -17 open in Germany

Portfolio:

• Slightly Higher: On gains in my tech, biotech and medical sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long