Stocks Slightly Higher on Less Eurozone Debt Angst, US Economic Data, Short-Covering, Road&Rail/Biotech Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.90 +1.15%
  

• ISE Sentiment Index 111.0 +11.0%

• Total Put/Call .96 -1.03%

• NYSE Arms 1.05 +134.08%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.11 -.21%

• European Financial Sector CDS Index 156.94 -.57%

• Western Europe Sovereign Debt CDS Index 103.66 -3.25%

• Emerging Market CDS Index 245.58 +3.45%

• 2-Year Swap Spread 14.0 -1.5 bps

• TED Spread 18.50 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 -.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .10% -1 bp

• Yield Curve 164.0 -2 bps

• China Import Iron Ore Spot $151.70/Metric Tonne -.13%

• Citi US Economic Surprise Index 2.80 -3.9 points

• 10-Year TIPS Spread 2.55 +2 bps

Overseas Futures:

• Nikkei Futures: Indicating +17 open in Japan

• DAX Futures: Indicating +18 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical/biotech sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short, then added them back
• Market Exposure: 50% Net Long