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

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.20 +1.38%

• ISE Sentiment Index 171.0 +61.32%

• Total Put/Call .85 +7.59%

• NYSE Arms .96 +4.78%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.29 -1.0%

• European Financial Sector CDS Index 131.49 +2.85%

• Western Europe Sovereign Debt CDS Index 88.69 +2.72%

• Emerging Market CDS Index 248.89 +.58%

• 2-Year Swap Spread 14.75 +.25 bp

• TED Spread 23.25 -1 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -15.0 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% +1 bp

• Yield Curve 171.0 -1 bp

• China Import Iron Ore Spot $123.60/Metric Tonne +.49%

• Citi US Economic Surprise Index -18.70 -.5 point

• 10-Year TIPS Spread 2.27 unch.

Overseas Futures:

• Nikkei Futures: Indicating +145 open in Japan

• DAX Futures: Indicating -8 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long