Stocks Higher into Final Hour on Less Eurozone Debt Angst, Short-Covering, Energy/Healthcare Sector Strength

Broad Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 12.89 -6.19%

• ISE Sentiment Index 105.0 +3.96%

• Total Put/Call .77 -13.48%

• NYSE Arms .92 -36.94%

Credit Investor Angst:

• North American Investment Grade CDS Index 90.56 -.57%

• European Financial Sector CDS Index 189.98 +.59%

• Western Europe Sovereign Debt CDS Index 100.50 -.17%

• Emerging Market CDS Index 258.78 +1.04%

• 2-Year Swap Spread 18.25 +.5 bp

• TED Spread 21.75 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -20.0 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .07% +1 bp

• Yield Curve 166.0 -1 bp

• China Import Iron Ore Spot $137.10/Metric Tonne +.81%

• Citi US Economic Surprise Index 25.10 -5.1 points

• 10-Year TIPS Spread 2.54 unch.

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech, biotech and medical sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long