Stocks Higher into Final Hour on Central Bank Hopes, Nikkei Bounce, Short-Covering, Homebuilding/Tech 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 17.20 +.29%

• ISE Sentiment Index 81.0 -28.32%

• Total Put/Call .96 -18.64%

• NYSE Arms .89 -49.37%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.42 -1.92%

• European Financial Sector CDS Index 153.94 -3.57%

• Western Europe Sovereign Debt CDS Index 89.50 +.64%

• Emerging Market CDS Index 318.51 +7.0%

• 2-Year Swap Spread 16.25 +.5 bp

• TED Spread 23.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -11.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 191.0 +5 bps

• China Import Iron Ore Spot $115.0/Metric Tonne +1.23%

• Citi US Economic Surprise Index -14.0 +15.7 points

• 10-Year TIPS Spread 2.05 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and then covered some of them

• Market Exposure: 50% Net Long