Stocks Slightly Higher into Final Hour on Less Eurozone Debt Angst, Fiscal Cliff Optimism, Short-Covereing, Healthcare/Biotech Sector Strength

 Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.09 -2.71%
• ISE Sentiment Index 120.0 -9.8%
• Total Put/Call .98 +18.07%
• NYSE Arms .72 +35.28%

Credit Investor Angst:

• North American Investment Grade CDS Index 99.83 -1.11%
• European Financial Sector CDS Index 160.15 -2.51%
• Western Europe Sovereign Debt CDS Index 105.99 bps -3.63%
• Emerging Market CDS Index 236.32 bps -6.6%
• 2-Year Swap Spread 12.0 unch.
• TED Spread 23.0 +1.0 basis point
• 3-Month EUR/USD Cross-Currency Basis Swap -24.75 +3.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .08% -1 basis point
• Yield Curve 136.0 unch.
• China Import Iron Ore Spot $116.90/Metric Tonne -.85%
• Citi US Economic Surprise Index 43.90 -3.1 points
• 10-Year TIPS Spread 2.40 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan
• DAX Futures: Indicating -7 open in Germany

Portfolio:

• Slightly Higher: On gains in my Tech and Biotech sector longs
• Disclosed Trades: None
• Market Exposure: 50% Net Long