Stocks Rising into Final Hour on Less Eurozone Debt Angst, US Economic Data, Short-Covering, Financial/Healthcare Sector Strength

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 14.38 +2.79%

• ISE Sentiment Index 72.0 +2.86%

• Total Put/Call 1.02 -19.69%

• NYSE Arms .74 -36.72%

Credit Investor Angst:

• North American Investment Grade CDS Index 75.25 -.73%

• European Financial Sector CDS Index 136.82 -4.11%

• Western Europe Sovereign Debt CDS Index 81.08 -1.12%

• Emerging Market CDS Index 263.66 +1.42%

• 2-Year Swap Spread 17.50 +1.5 bps

• TED Spread 23.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 186.0 +10 bps

• China Import Iron Ore Spot $117.80/Metric Tonne -2.56%

• Citi US Economic Surprise Index -14.30 +1.0 point

• 10-Year TIPS Spread 2.27 +2 bps

Overseas Futures:

• Nikkei Futures: Indicating +139 open in Japan

• DAX Futures: Indicating -13 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long