Stocks Rising into Final Hour on Less Eurozone Debt Angst, Diminishing Global Growth Fears, Short-Covering, Financial/Tech 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 13.56 -1.81%

• ISE Sentiment Index 140.0 +45.8%

• Total Put/Call .77 -9.41%

• NYSE Arms .58 -64.84%

Credit Investor Angst:

• North American Investment Grade CDS Index 86.63 +.03%

• European Financial Sector CDS Index 127.40 +2.57%

• Western Europe Sovereign Debt CDS Index 99.83 -1.96%

• Emerging Market CDS Index 213.69 +2.76%

• 2-Year Swap Spread 14.0 +.5 bp

• TED Spread 24.50 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.50 +3.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 165.0 +4 bps

• China Import Iron Ore Spot $158.50/Metric Tonne -.19%

• Citi US Economic Surprise Index 28.70 -1.3 points

• 10-Year TIPS Spread 2.53 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +118 open in Japan

• DAX Futures: Indicating +30 open in Germany

Portfolio:

• Higher: On gains in my medical/biotech/tech/retail sector longs

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

• Market Exposure: 50% Net Long