Stocks Slightly Higher into Final Hour on Nikkei Bounce, Short-Covering, Healthcare/Restaurant Sector Strength

Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 15.37 +1.52%

• ISE Sentiment Index 73.0 -5.19%

• Total Put/Call 1.08 -3.57%

• NYSE Arms .81 +4.51%

Credit Investor Angst:

• North American Investment Grade CDS Index 83.49 +3.06%

• European Financial Sector CDS Index 157.36 +3.33%

• Western Europe Sovereign Debt CDS Index 87.0 unch.

• Emerging Market CDS Index 319.57 +6.55%

• 2-Year Swap Spread 18.0 +.75 bp

• TED Spread 23.25 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -12.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 189.0 +3 bps

• China Import Iron Ore Spot $110.90/Metric Tonne n/a

• Citi US Economic Surprise Index -32.90 -.6 point

• 10-Year TIPS Spread 2.10 -4 bps

Overseas Futures:

• Nikkei Futures: Indicating +79 open in Japan

• DAX Futures: Indicating -10 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long