Stocks Higher into Final Hour on Less Eurozone Debt Angst, Diminishing Global Growth Fears, Short-Covering, Financial/Tech Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.06 -3.47%
  

• ISE Sentiment Index 138.0 -12.66%

• Total Put/Call .81 +15.71%

• NYSE Arms .81 +29.43%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.51 -1.43%

• European Financial Sector CDS Index 142.80 -4.15%

• Western Europe Sovereign Debt CDS Index 99.83 +.85%

• Emerging Market CDS Index 239.53 -.30%

• 2-Year Swap Spread 14.25 +.75 bp

• TED Spread 18.5 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.25 +2.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .10% unch.

• Yield Curve 174.0 +5 bps

• China Import Iron Ore Spot $146.30/Metric Tonne +.34%

• Citi US Economic Surprise Index 5.1 -1.9 points

• 10-Year TIPS Spread 2.58 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +182 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/tech sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 75% Net Long