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

Broad Market Tone:

• Advance/Decline Line: Higher
  
• Sector Performance: Almost Every Sector Rising
  
• Volume: Light
  
• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• VIX 17.46 -2.08%
  
• ISE Sentiment Index 106.0 +1.92%
  
• Total Put/Call .90 -15.09%
  
• NYSE Arms .56 -67.45%
  

Credit Investor Angst:

• North American Investment Grade CDS Index 101.82 bps -1.08%
  
• European Financial Sector CDS Index 248.28 bps -1.4%
  
• Western Europe Sovereign Debt CDS Index 230.50 -1.33%
  
• Emerging Market CDS Index 246.65 -2.5%
  
• 2-Year Swap Spread 17.0 -.25 basis point
  
• TED Spread 33.25 +.25 basis point
  
• 3-Month EUR/USD Cross-Currency Basis Swap -31.75 +1.25 basis points
  

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.
  
• Yield Curve 134.0 -3 basis points
  
• China Import Iron Ore Spot $89.40/Metric Tonne +.79%
  
• Citi US Economic Surprise Index -3.4 +.6 point
  
• 10-Year TIPS Spread 2.26 -4 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +45 open in Japan
• DAX Futures: Indicating -8 open in Germany
  

Portfolio:

• Slightly Lower: On losses in my index hedges and emerging markets shorts
  
• Disclosed Trades: None
  
• Market Exposure: 25% Net Long