Stocks Slightly Higher into Final Hour on Debt Ceiling Can-Kick, Short-Covering, Earnings Optimism, Road&Rail/Homebuilding Sector Strength

Today's Market Take:
 
Broad Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.43 unch.

• ISE Sentiment Index 114.0 +34.1%

• Total Put/Call .89 -4.3%

• NYSE Arms 1.04 +33.26%

Credit Investor Angst:

• North American Investment Grade CDS Index 86.04 -.24%

• European Financial Sector CDS Index 137.72 +2.01%

• Western Europe Sovereign Debt CDS Index 99.07 +.11%

• Emerging Market CDS Index 212.40 +.14%

• 2-Year Swap Spread 14.75 unch.

• TED Spread 23.0 -1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -15.5 +1.25 bps

Economic Gauges:

• 3-Month T-Bill Yield .07% +1 bp

• Yield Curve 159.0 unch.

• China Import Iron Ore Spot $147.70/Metric Tonne +1.23%

• Citi US Economic Surprise Index -3.0 -.9 point

• 10-Year TIPS Spread 2.53 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +49 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio:

• Higher: On gains in my tech/medical sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long