Stocks Rising into Final Hour on Less Eurozone Debt Angst, Tech Sector Strength, Short-Covering, Technical Buying

Broad Market Tone:

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

Equity Investor Angst:

• VIX 15.95 +1.98%
  
• ISE Sentiment Index 119.0 -.83%
  
• Total Put/Call .79 -5.95%
  
• NYSE Arms .90 +50.34%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 102.79 bps -.76%
  
• European Financial Sector CDS Index 243.48 bps -.79%
  
• Western Europe Sovereign Debt CDS Index 242.74 -3.44%
  
• Emerging Market CDS Index 245.02 -.98%
  
• 2-Year Swap Spread 19.50 -1.0 basis point
  
• TED Spread 36.25 unch.
  
• 3-Month EUR/USD Cross-Currency Basis Swap -38.5 +1.0 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.
  
• Yield Curve 132.0 -1 basis point
  
• China Import Iron Ore Spot $116.60/Metric Tonne -.09%
  
• Citi US Economic Surprise Index -34.70 +1.5 points
  
• 10-Year TIPS Spread 2.17 +1 basis point
  

Overseas Futures:

• Nikkei Futures: Indicating +17 open in Japan
• DAX Futures: Indicating -10 open in Germany
  

Portfolio:

• Higher: On gains in my Retail, Medical, Tech and Biotech sector longs
  
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges and to my (EEM) short
  
• Market Exposure: Moved to 50% Net Long