Stocks Rising into Final Hour on Fiscal Cliff Hopes, Short-Covering, Technical Buying, Tech Sector Strength

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 15.76 -1.81%

• ISE Sentiment Index 172.0 +51.0%

• Total Put/Call .81 -8.99%

• NYSE Arms 1.01 -5.42%

Credit Investor Angst:

• North American Investment Grade CDS Index 94.29 -1.29%

• European Financial Sector CDS Index 151.32 -3.93%

• Western Europe Sovereign Debt CDS Index 114.0 bps +.81%

• Emerging Market CDS Index 214.41 bps -1.11%

• 2-Year Swap Spread 11.25 -.5 bp

• TED Spread 24.25 +.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -23.0 +1.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 bp

• Yield Curve 140.0 +2 bps

• China Import Iron Ore Spot $124.90/Metric Tonne +1.22%

• Citi US Economic Surprise Index 48.0 -1.7 points

• 10-Year TIPS Spread 2.49 unch.

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating -10 open in Germany

Portfolio:

• Higher: On gains in my tech, medical and biotech sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long