Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Biotech/Retail Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 12.81 +2.44%

• ISE Sentiment Index 122.0 +62.67%

• Total Put/Call .74 -24.49%

• NYSE Arms .95 -9.72%

Credit Investor Angst:

• North American Investment Grade CDS Index 72.10 +1.71%

• European Financial Sector CDS Index 134.58 -1.39%

• Western Europe Sovereign Debt CDS Index 90.34 +2.28%

• Emerging Market CDS Index 233.48 +1.16%

• 2-Year Swap Spread 13.5 unch.

• TED Spread 24.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.0 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 165.0 +6 bps

• China Import Iron Ore Spot $129.60/Metric Tonne-.46%

• Citi US Economic Surprise Index -7.3 -.4 point

• 10-Year TIPS Spread 2.34 +4 bps

Overseas Futures:

• Nikkei Futures: Indicating +213 open in Japan

• DAX Futures: Indicating +20 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long