Stocks Slightly Higher into Final Hour on US Economic Data, Short-Covering, Transport/Defense Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.09 -1.47%

• ISE Sentiment Index 103.0 -8.04%

• Total Put/Call .77 -28.04%

• NYSE Arms 1.11 +17.02%

Credit Investor Angst:

• North American Investment Grade CDS Index 79.16 -.72%

• European Financial Sector CDS Index 145.43 +1.12%

• Western Europe Sovereign Debt CDS Index 97.60 +1.14%

• Emerging Market CDS Index 237.44 +.48%

• 2-Year Swap Spread 13.25 -.25 bp

• TED Spread 19.25 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.

• Yield Curve 176.0 -1 bp

• China Import Iron Ore Spot $139.0/Metric Tonne -3.07%

• Citi US Economic Surprise Index 27.4 +6.3 points

• 10-Year TIPS Spread 2.57 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +101 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail sector longs and emerging markets shorts
• Disclosed Trades: Covered some of my (IWM), (QQQ) hedges, then added them back
• Market Exposure: 50% Net Long