Stocks Higher into Final Hour on Central Bank Hopes, Euro Bounce, Short-Covering, Tech/Commodity Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 13.73 +.15%

• ISE Sentiment Index 101.0 -36.0%

• Total Put/Call .84 -6.67%

• NYSE Arms 1.16 +52.24%

Credit Investor Angst:

• North American Investment Grade CDS Index 74.91 -1.91%

• European Financial Sector CDS Index 145.66 -4.79%

• Western Europe Sovereign Debt CDS Index 94.33 unch.

• Emerging Market CDS Index 229.30 -1.09%

• 2-Year Swap Spread 13.75 unch.

• TED Spread 22.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -17.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 146.0 unch.

• China Import Iron Ore Spot $134.10/Metric Tonne unch.

• Citi US Economic Surprise Index -1.7 +3.6 points

• 10-Year TIPS Spread 2.34 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan

• DAX Futures: Indicating +21 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/tech sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long