Stocks Higher into Final Hour on Less Eurozone Debt Angst, Earnings, Short-Covering, Tech/Energy Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 14.30 -4.48%

• ISE Sentiment Index 80.0 -17.53%

• Total Put/Call 1.01 -8.18%

• NYSE Arms .84 -8.55%

Credit Investor Angst:

• North American Investment Grade CDS Index 81.98 -2.16%

• European Financial Sector CDS Index 167.0 -2.82%

• Western Europe Sovereign Debt CDS Index 99.68 -.67%

• Emerging Market CDS Index 236.08 -1.65%

• 2-Year Swap Spread 13.5 -.25 bp

• TED Spread 23.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 147.0 unch.

• China Import Iron Ore Spot $138.0/Metric Tonne unch.

• Citi US Economic Surprise Index -5.0 -.1 point

• 10-Year TIPS Spread 2.35 +3 basis points

Overseas Futures:

• Nikkei Futures: Indicating +113 open in Japan

• DAX Futures: Indicating +32 open in Germany

Portfolio: 

• Higher: On gains in my retail, biotech and tech sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long