Stocks Rising into Final Hour on Central Bank Hopes, Less Eurozone Debt Angst, Short-Covering, Transport/Bank 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 12.87 +1.66%

• ISE Sentiment Index 104.0 -1.89%

• Total Put/Call .88 +12.82%

• NYSE Arms 1.10 +37.22%

Credit Investor Angst:

• North American Investment Grade CDS Index 68.82 -2.49%

• European Financial Sector CDS Index 128.25 -2.0%

• Western Europe Sovereign Debt CDS Index 89.39 -1.29%

• Emerging Market CDS Index 231.02 +.01%

• 2-Year Swap Spread 14.25 -.25 bp

• TED Spread 24.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -15.50 +1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 156.0 +1 bp

• China Import Iron Ore Spot $130.0/Metric Tonne+1.48%

• Citi US Economic Surprise Index -4.9 -1.8 points

• 10-Year TIPS Spread 2.31 unch.

Overseas Futures:

• Nikkei Futures: Indicating +90 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long