Stocks Surging into Final Hour on More Dovish Fed Rhetoric, Less Eurozone Debt Angst, Short-Covering, Tech/Biotech Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 14.48 -4.86%
  

• ISE Sentiment Index 112.0 +20.43%

• Total Put/Call .89 -19.09%

• NYSE Arms .95 -31.91%

Credit Investor Angst:

• North American Investment Grade CDS Index 86.69 -1.95%

• European Financial Sector CDS Index 150.0 -.15%

• Western Europe Sovereign Debt CDS Index 100.55 -.62%

• Emerging Market CDS Index 234.87 -.82%

• 2-Year Swap Spread 14.50 -1 bp

• TED Spread 16.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 -1.75 bps

Economic Gauges:

• 3-Month T-Bill Yield .12% unch.

• Yield Curve 171.0 -2 bps

• China Import Iron Ore Spot $153.60/Metric Tonne -1.66%

• Citi US Economic Surprise Index -4.80 -.1 point

• 10-Year TIPS Spread 2.54 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/biotech/medical sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long