Stocks Rising into Final Hour on Less Economic Pessimism, Short-Covering, Bargain-Hunting, Tech/Healthcare Sector Strength

 Broad Market Tone:

• Advance/Decline Line: Modestly Higher
  
• Sector Performance: Almost Every Sector Rising
• Volume: Below Average
• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• VIX 16.83 -9.52%
• ISE Sentiment Index 106.0 unch.
• Total Put/Call .92 +9.52%
• NYSE Arms .78 -21.14%

Credit Investor Angst:

• North American Investment Grade CDS Index 96.63 bps -3.11%
• European Financial Sector CDS Index 171.20 bps -1.89%
• Western Europe Sovereign Debt CDS Index 108.10 bps +.77%
• Emerging Market CDS Index 244.69 bps +3.1%
• 2-Year Swap Spread 9.5 -.25 basis point
• TED Spread 22.0 +2 basis points
• 3-Month EUR/USD Cross-Currency Basis Swap -24.75 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .09% -2 basis points
• Yield Curve 143.0 +3 basis points
• China Import Iron Ore Spot $120.30/Metric Tonne +.84%
• Citi US Economic Surprise Index 51.40 +3.3 points
• 10-Year TIPS Spread 2.52 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +107 open in Japan
• DAX Futures: Indicating +7 open in Germany

Portfolio:

• Higher: On gains in my Medical/Retail/Biotech/Tech sector longs 
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
• Market Exposure: 25% Net Long