Stocks Surging into Final Hour on Global Central Bank Action/Stimulus Hopes, Less Eurozone Debt Angst, Short-Covering, Investor Performance Angst

Broad Market Tone:

• Advance/Decline Line: Substantially Higher
  
• Sector Performance: Every Sector Rising
  
• Volume: Below Average
  
• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• VIX 15.93 -10.20%
  
• ISE Sentiment Index 115.0 -21.77%
  
• Total Put/Call .85 -6.59%
  
• NYSE Arms .33 -61.56%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 95.35 bps -5.1%
  
• European Financial Sector CDS Index 215.91 bps -7.21%
  
• Western Europe Sovereign Debt CDS Index 210.86 -3.98%
  
• Emerging Market CDS Index 223.53 -5.11%
  
• 2-Year Swap Spread 16.5 unch.
  
• TED Spread 30.25 -.5 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -26.5 +4.0 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .11% +1 basis point
  
• Yield Curve 141.0 +6 basis points
  
• China Import Iron Ore Spot $87.0/Metric Tonne +.35%
  
• Citi US Economic Surprise Index 5.50 +7.5 points
  
• 10-Year TIPS Spread 2.32 +2 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +161 open in Japan
• DAX Futures: Indicating -9 open in Germany
  

Portfolio:

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