Stocks Slightly Higher into Final Hour on Diminishing Global Growth Fears, Short-Covering, Healthcare/Retail Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.09 +5.06%
  

• ISE Sentiment Index 119.0 +1.3%

• Total Put/Call .86 -3.37%

• NYSE Arms .83 -29.84%

Credit Investor Angst:

• North American Investment Grade CDS Index 86.38 -.10%

• European Financial Sector CDS Index 137.21 -.34%

• Western Europe Sovereign Debt CDS Index 100.22 +1.2%

• Emerging Market CDS Index 213.47 +.43%

• 2-Year Swap Spread 15.25 +.5 bp

• TED Spread 22.5 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .08% +1 bp

• Yield Curve 161.0 +2 bps

• China Import Iron Ore Spot $148.60/Metric Tonne +.61%

• Citi US Economic Surprise Index -.6 +2.4 points

• 10-Year TIPS Spread 2.55 +2 bps

Overseas Futures:

• Nikkei Futures: Indicating +198 open in Japan

• DAX Futures: Indicating -9 open in Germany

Portfolio:

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long