Stocks Surging into Final Hour on Less Eurozone Debt Angst, Diminishing Global Growth Fears, Short-Covering, Tech/Homebuilding Sector Strength

Broad Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 13.55 -3.35%
  

• ISE Sentiment Index 114.0 unch.

• Total Put/Call 1.13 -.88%

• NYSE Arms .65 -18.97%

Credit Investor Angst:

• North American Investment Grade CDS Index 83.06 -1.90%

• European Financial Sector CDS Index 151.82 -4.55%

• Western Europe Sovereign Debt CDS Index 100.79 -.69%

• Emerging Market CDS Index 239.60 -.98%

• 2-Year Swap Spread 14.0 unch.

• TED Spread 20.0 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 +2.75 bps

Economic Gauges:

• 3-Month T-Bill Yield .08% -1 bp

• Yield Curve 165.0 +1 bp

• China Import Iron Ore Spot $145.20/Metric Tonne -2.42%

• Citi US Economic Surprise Index 6.30 +1.1 points

• 10-Year TIPS Spread 2.56 +1 bp

Overseas Futures:

• Nikkei Futures: Indicating +145 open in Japan

• DAX Futures: Indicating -20 open in Germany

Portfolio: 

• Higher: On gains in my retail/biotech/tech/medical sector longs 
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
• Market Exposure: 50% Net Long