Stocks Surging into Final Hour on Central Bank Stimulus Hopes, Less Eurozone Debt Angst, Short-Covering, Tech/Biotech Sector Strength

Broad Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.66 -1.40%

• ISE Sentiment Index 156.0 +32.30%

• Total Put/Call .84 -1.3%

• NYSE Arms 1.16 +50.56%

Credit Investor Angst:

• North American Investment Grade CDS Index 82.15 -2.92%

• European Financial Sector CDS Index 159.45 -5.43%

• Western Europe Sovereign Debt CDS Index 102.33 unch.

• Emerging Market CDS Index 228.44 -3.33%

• 2-Year Swap Spread 14.5 unch.

• TED Spread 21.0 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.75 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .07% +1 bp

• Yield Curve 157.0 +6 basis points

• China Import Iron Ore Spot $140.60/Metric Tonne +1.08%

• Citi US Economic Surprise Index 7.20 +2.7 points

• 10-Year TIPS Spread 2.44 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +312 open in Japan

• DAX Futures: Indicating +15 open in Germany

Portfolio: 

• Higher: On gains in my tech/medical/biotech/medical/retail sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 75% Net Long