Stocks Rising Slightly into Final Hour on Less Eurozone Debt Angst, Tech Sector Optimism, Short-Covering, Investor Performance Angst

Broad Market Tone:

• Advance/Decline Line: Lower
  
• Sector Performance: Mixed
  
• Volume: Light
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 17.52 +4.40%
  
• ISE Sentiment Index 68.0 -46.03%
  
• Total Put/Call 1.11 +13.27%
  
• NYSE Arms 1.04 -3.98%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 96.59 -.84%
  
• European Financial Sector CDS Index 175.19 -4.88%
  
• Western Europe Sovereign Debt CDS Index 346.22 -1.14%
  
• Emerging Market CDS Index 252.35 +.45%
  
• 2-Year Swap Spread 31.0 +1 bp
  
• TED Spread 40.0 -.5 bp
  
• 3-Month EUR/USD Cross-Currency Basis Swap -72.0 -1 bp
  

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
  
• Yield Curve 167.0 -1 bp
  
• China Import Iron Ore Spot $139.0/Metric Tonne +.22%
• Citi US Economic Surprise Index 58.0 -.3 point
  
• 10-Year TIPS Spread 2.28 -3 bps
  

Overseas Futures:

• Nikkei Futures: Indicating +73 open in Japan
• DAX Futures: Indicating -9 open in Germany

Portfolio:

• Higher: On gains in my Biotech, Medical and Tech sector longs
  
• Disclosed Trades: Covered all of my (IWM)/(QQQ) hedges and some of my (EEM) short, then added them back
  
• Market Exposure: 75% Net Long