Stocks Higher into Final Hour on Short-Covering, Bargain-Hunting, US Election Hopes, Tech/Healthcare/Homebuilding Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  
• Sector Performance: Mixed
• Volume: Light
• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 18.26 +3.81%
• ISE Sentiment Index 113.0 -22.6%
• Total Put/Call .81 -.10%
• NYSE Arms .90 -30.66%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.84 bps -.72%
• European Financial Sector CDS Index 174.51 bps +1.26%
• Western Europe Sovereign Debt CDS Index 113.86 bps +3.93%
• Emerging Market CDS Index 235.54 bps -2.26%
• 2-Year Swap Spread 9.5 -.25 basis point
• TED Spread 22.0 unch.
• 3-Month EUR/USD Cross-Currency Basis Swap -25.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
• Yield Curve 141.0 -2 basis points
• China Import Iron Ore Spot $120.50/Metric Tonne +.33%
• Citi US Economic Surprise Index 52.80 -3.8 points
• 10-Year TIPS Spread 2.47 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +13 open in Japan
• DAX Futures: Indicating +10 open in Germany

Portfolio:

• Higher: On gains in my tech, biotech, medial and retail sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, covered some of my (EEM) short, added to my (AAPL) long
• Market Exposure: Moved to 75% Net Long