Stocks Slightly Higher into Final Hour on Less Eurozone Debt Angst, Debt Ceiling Hopes, Short-Coveirng, Tech/Consumer Discretionary Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.42 -.52%

• ISE Sentiment Index 99.0 -29.9%

• Total Put/Call .72 -6.49%

• NYSE Arms 1.40 +147.18%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.10 +1.25%

• European Financial Sector CDS Index 127.57 +.14%

• Western Europe Sovereign Debt CDS Index 97.93 -1.91%

• Emerging Market CDS Index 216.03 +1.16%

• 2-Year Swap Spread 13.75 -.25 bp

• TED Spread 23.75 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.0 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 161.0 -4 bps

• China Import Iron Ore Spot $154.90/Metric Tonne -2.09%

• Citi US Economic Surprise Index 28.70 -17.8 points

• 10-Year TIPS Spread 2.51 -2 bps

Overseas Futures:

• Nikkei Futures: Indicating +129 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio:

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

• Disclosed Trades: Added to my (IWM), (QQQ) hedges, added to my (EEM) short

• Market Exposure: Moved to 25% Net Long