Stocks Rising into Final Hour on Less Eurozone Debt Angst, Diminishing Global Growth Fears, Short-Covering, Tech/Homebuilding Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.85 +1.26%
  

• ISE Sentiment Index 130.0 +9.2%

• Total Put/Call .88 +1.15%

• NYSE Arms .65 -31.83%

Credit Investor Angst:

• North American Investment Grade CDS Index 85.11 -1.65%

• European Financial Sector CDS Index 136.17 -.75%

• Western Europe Sovereign Debt CDS Index 98.67 -1.55%

• Emerging Market CDS Index 212.52 -.41%

• 2-Year Swap Spread 16.25 +1.0 bp

• TED Spread 23.0 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 +1.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 bp

• Yield Curve 167.0 +6 bps

• China Import Iron Ore Spot $148.60/Metric Tonne unch.

• Citi US Economic Surprise Index -2.0 -1.4 points

• 10-Year TIPS Spread 2.52 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating +89 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio:

• Slightly Higher: On gains in my medical/biotech/retail/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long