Stocks Slightly Higher into Final Hour on Central Bank Hopes, Short-Covering, Financial/Transport Sector Strength

Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 12.76 -.70%

• ISE Sentiment Index 80.0 -24.5%

• Total Put/Call .77 -13.48%

• NYSE Arms .73 -4.75%

Credit Investor Angst:

• North American Investment Grade CDS Index 70.50 -1.52%

• European Financial Sector CDS Index 131.04 -.42%

• Western Europe Sovereign Debt CDS Index 92.26 +1.82%

• Emerging Market CDS Index 230.15 -.64%

• 2-Year Swap Spread 14.5 +.5 bp

• TED Spread 24.50 +1.55 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -16.50 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% -2 bps

• Yield Curve 155.0 +3 bps

• China Import Iron Ore Spot $128.10/Metric Tonne unch.

• Citi US Economic Surprise Index -3.1 -3.4 points

• 10-Year TIPS Spread 2.31 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +545 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long