Stocks Higher into Final Hour on Diminishing Global Growth Fears, Short-Covering, Homebuilding/Commodity Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.26 -2.28%
  

• ISE Sentiment Index 95.0 -24.0%

• Total Put/Call .98 +1.03%

• NYSE Arms .78 -32.65%

Credit Investor Angst:

• North American Investment Grade CDS Index 86.15 +.44%

• European Financial Sector CDS Index 140.22 +2.26%

• Western Europe Sovereign Debt CDS Index 99.45 +.13%

• Emerging Market CDS Index 218.39 +1.81%

• 2-Year Swap Spread 16.0 -.5 bp

• TED Spread 23.50 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .07% +1 bp

• Yield Curve 171.0 +3 bps

• China Import Iron Ore Spot $148.40/Metric Tonne unch.

• Citi US Economic Surprise Index -7.0 -7.3 points

• 10-Year TIPS Spread 2.54 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +78 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio:

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long