Stocks Reversing Higher into Afternoon on Falling Energy Prices, Spain Rescue/Global Central Bank Stimulus Hopes, Short-Covering

Broad Market Tone:

• Advance/Decline Line: Higher
  
• Sector Performance: Most Sectors Rising
  
• Volume: Light
  
• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• VIX 21.53 -.87%
  
• ISE Sentiment Index 131.0 +118.33%
  
• Total Put/Call .99 +2.06%
  
• NYSE Arms 1.37 +28.65%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 121.63 -.21%
  
• European Financial Sector CDS Index 279.37 -.43%
  
• Western Europe Sovereign Debt CDS Index 321.50 +1.20%
  
• Emerging Market CDS Index 305.47 -1.29%
  
• 2-Year Swap Spread 31.25 +.25 basis point
  
• TED Spread 38.75 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -51.75 -.25 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 135.0 -3 basis points
  
• China Import Iron Ore Spot $131.40/Metric Tonne +.61%
  
• Citi US Economic Surprise Index -50.10 -1.2 points
  
• 10-Year TIPS Spread 2.14 -1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating a +33 open in Japan
• DAX Futures: Indicating +15 open in Germany
  

Portfolio:

• Higher: On gains in my Medical, Retail, Biotech and Tech sector longs
  
• Disclosed Trades: Covered some of my (IWM), (QQQ) hedges, then added them back
  
• Market Exposure: 50% Net Long