Stocks Rising into Final Hour on Diminished Global Growth Fears, Short-Covering, Tech/Healthcare Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 13.19 -2.3%
  

• ISE Sentiment Index 134.0 +38.1%

• Total Put/Call .90 -11.76%

• NYSE Arms 1.22 -10.95%

Credit Investor Angst:

• North American Investment Grade CDS Index 89.49 -.43%

• European Financial Sector CDS Index 155.11 -2.11%

• Western Europe Sovereign Debt CDS Index 105.19 -1.39%

• Emerging Market CDS Index 227.05 -1.13%

• 2-Year Swap Spread 15.75 +.25 bp

• TED Spread 22.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 170.0 unch.

• China Import Iron Ore Spot $155.10/Metric Tonne unch.

• Citi US Economic Surprise Index -12.5 +17.5 points

• 10-Year TIPS Spread 2.54 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +22 open in Japan

• DAX Futures: Indicating -4 open in Germany

Portfolio:

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

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

• Market Exposure: 50% Net Long