Stocks Rising into Final Hour on Less Eurozone Debt Angst, Earnings, Short-Covering, Biotech/Homebuilding 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 14.89 -15.21%

• ISE Sentiment Index 93.0 +1.09%

• Total Put/Call 1.10 -5.17%

• NYSE Arms .99 -6.69%

Credit Investor Angst:

• North American Investment Grade CDS Index 83.72 -1.7%

• European Financial Sector CDS Index 171.92 -2.06%

• Western Europe Sovereign Debt CDS Index 98.35 -.50%

• Emerging Market CDS Index 240.11 -.37%

• 2-Year Swap Spread 13.75 -.25 bp

• TED Spread 23.0 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.0 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 147.0 +1 basis point

• China Import Iron Ore Spot $138.0/Metric Tonne -.43%

• Citi US Economic Surprise Index -4.9 +.1 point

• 10-Year TIPS Spread 2.32 +6 basis points

Overseas Futures:

• Nikkei Futures: Indicating +349 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long