Stocks Higher into Final Hour on Global Central Bank Stimulus Hopes, Short-Covering, Retail/REIT Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.09 -.84%

• ISE Sentiment Index 69.0-11.5%

• Total Put/Call 1.09 +5.83%

• NYSE Arms .77 -52.52%

Credit Investor Angst:

• North American Investment Grade CDS Index 87.95 -1.47%

• European Financial Sector CDS Index 179.05 -.11%

• Western Europe Sovereign Debt CDS Index 103.19 -.64%

• Emerging Market CDS Index 258.88 -1.59%

• 2-Year Swap Spread 15.25 -.75 bp

• TED Spread 22.0 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 153.0 -5 bps

• China Import Iron Ore Spot $135.90/Metric Tonne +.22%

• Citi US Economic Surprise Index 5.40 -3.0 points

• 10-Year TIPS Spread 2.49 unch.

Overseas Futures:

• Nikkei Futures: Indicating +450 open in Japan

• DAX Futures: Indicating +22 open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech/medical/retail sector longs and emerging markets shorts

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long