Stocks Rising into Afternoon on Central Bank Stimulus Hopes, Euro Bounce, Short-Covering, Retail/Healthcare Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.58 +1.78%

• ISE Sentiment Index 94.0 -30.37%

• Total Put/Call .88 +3.53%

• NYSE Arms .93 +4.33%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.07 +.09%

• European Financial Sector CDS Index 158.98 -.29%

• Western Europe Sovereign Debt CDS Index 102.33 unch.

• Emerging Market CDS Index 224.89 -1.55%

• 2-Year Swap Spread 14.0 -.5 bp

• TED Spread 21.5 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .06% -1 bp

• Yield Curve 156.0 -1 basis point

• China Import Iron Ore Spot $140.90/Metric Tonne +.21%

• Citi US Economic Surprise Index 9.0 +1.8 points

• 10-Year TIPS Spread 2.47 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan

• DAX Futures: Indicating -21 open in Germany

Portfolio: 

• Higher: On gains in my medical/biotech/retail sector longs

• Disclosed Trades: None

• Market Exposure: 75% Net Long