Stocks Slightly Higher into Final Hour on Earnings, Short-Covering, Commodity/Financial Sector Strength

Broad Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 13.52 +.30%

• ISE Sentiment Index 128.0 +30.61%

• Total Put/Call .80 -10.11%

• NYSE Arms .83 -12.72%

Credit Investor Angst:

• North American Investment Grade CDS Index 80.02 -.82%

• European Financial Sector CDS Index 158.0 +.36%

• Western Europe Sovereign Debt CDS Index 97.96 +.29%

• Emerging Market CDS Index 234.43 +.24%

• 2-Year Swap Spread 13.0 -.5 bp

• TED Spread 23.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -17.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 147.0 unch.

• China Import Iron Ore Spot $135.10/Metric Tonne -.95%

• Citi US Economic Surprise Index -7.90 -3.0 points

• 10-Year TIPS Spread 2.38 +1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +130 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail and tech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long