Stocks Rising into Final Hour on Less Eurozone Debt Angst, Short-Covering, Healthcare/Financial Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• VIX 13.08 -3.68%

• ISE Sentiment Index 92.0 +92.45%

• Total Put/Call .85 -15.84%

• NYSE Arms 1.02 -15.82%

Credit Investor Angst:

• North American Investment Grade CDS Index 88.13 -2.05%

• European Financial Sector CDS Index 184.73 -5.03%

• Western Europe Sovereign Debt CDS Index 104.33 -.65%

• Emerging Market CDS Index 269.17 -1.50%

• 2-Year Swap Spread 16.25 -.75 bp

• TED Spread 21.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 +1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.

• Yield Curve 162.0 +2 bps

• China Import Iron Ore Spot $136.10/Metric Tonne -.87%

• Citi US Economic Surprise Index 13.60 +1.4 points

• 10-Year TIPS Spread 2.52 unch.

Overseas Futures:

• Nikkei Futures: Indicating a +197 open in Japan

• DAX Futures: Indicating -8 open in Germany

Portfolio: 

• Slightly Higher: On gains in my Biotech/Medical/Retail sector longs and emerging markets shorts
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges
• Market Exposure: Moved to 50% Net Long