Stocks Higher into Final Hour on Less Eurozone Debt Angst, US Economic Data, Short-Covering, Tech/Homebuilding 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 11.47 -3.04%

• ISE Sentiment Index 102.0 -8.93%

• Total Put/Call .70 -10.26%

• NYSE Arms .76 -27.70%

Credit Investor Angst:

• North American Investment Grade CDS Index 78.06 -1.18%

• European Financial Sector CDS Index 140.84 -3.10%

• Western Europe Sovereign Debt CDS Index 99.24 +1.68%

• Emerging Market CDS Index 237.14 -.24%

• 2-Year Swap Spread 13.75 +.5 bp

• TED Spread 18.75 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .09% unch.

• Yield Curve 177.0 +1 bp

• China Import Iron Ore Spot $132.90/Metric Tonne -4.39%

• Citi US Economic Surprise Index 29.3 +1.9 points

• 10-Year TIPS Spread 2.59 +2 bps

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating -6 open in Germany

Portfolio: 

• Higher: On gains in my retail/tech/biotech sector longs and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 50% Net Long