Stocks Higher into Final Hour on Less Eurozone Debt Angst, Short-Covering, Technical Buying, Retail/Utilities Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.82 -.47%
• Euro/Yen Carry Return Index 135.51 +.08%
• Emerging Markets Currency Volatility(VXY) 10.82 -1.01%
• S&P 500 Implied Correlation 52.57 -.30%

• ISE Sentiment Index 87.0 -10.31%

• Total Put/Call 1.03 +9.57%

• NYSE Arms .73 +12.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 83.59 -3.44%

• European Financial Sector CDS Index 160.44 -3.01%

• Western Europe Sovereign Debt CDS Index 96.0 unch.

• Emerging Market CDS Index 339.58 -2.04%

• 2-Year Swap Spread 17.25 -.5 bp

• TED Spread 23.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -10.5 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 228.0 -4 bps

• China Import Iron Ore Spot $121.90/Metric Tonne -.57%

• Citi US Economic Surprise Index -12.10 +1.9 points
• Citi Emerging Markets Economic Surprise Index -31.40 +2.9 points

• 10-Year TIPS Spread 2.08 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +215 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical and retail sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and then covered some of them
• Market Exposure: 50% Net Long