Stocks Slightly Higher into Final Hour on Less Eurozone Debt Angst, Short-Covering, Financial/Metals & Mining Sector Strength

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.46 -.15%
  

• ISE Sentiment Index 173.0 +66.35%

• Total Put/Call .72 -35.71%

• NYSE Arms .61 -12.22%

Credit Investor Angst:

• North American Investment Grade CDS Index 83.68 +.42%

• European Financial Sector CDS Index 148.99 -1.85%

• Western Europe Sovereign Debt CDS Index 98.99 -1.78%

• Emerging Market CDS Index 240.10 +.19%

• 2-Year Swap Spread 13.50 -.5 bp

• TED Spread 18.25 -1.75 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 -1.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .10% +2 bps

• Yield Curve 169.0 +4 bps

• China Import Iron Ore Spot $145.80/Metric Tonne +.41%

• Citi US Economic Surprise Index 7.0 +.7 point

• 10-Year TIPS Spread 2.57 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +150 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail sector longs and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 50% Net Long