Stocks Surging into Final Hour on Less Eurozone Debt Angst, Better US Jobs Report, Short-Covering, Tech/Commodity Sector Strength

Today's Market Take:

Broad Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• VIX 12.97 -4.56%

• ISE Sentiment Index 106.0 +1.3%

• Total Put/Call .90 +1.12%

• NYSE Arms .83 -12.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 71.34 -3.95%

• European Financial Sector CDS Index 131.70 -5.4%

• Western Europe Sovereign Debt CDS Index 90.61 -3.2%

• Emerging Market CDS Index 231.68 +1.2%

• 2-Year Swap Spread 14.0 unch.

• TED Spread 23.0 +.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -16.50 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 152.0 +9 bps

• China Import Iron Ore Spot $128.10/Metric Tonne -1.0%

• Citi US Economic Surprise Index .30 -3.9 points

• 10-Year TIPS Spread 2.30 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +529 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Higher: On gains in my retail/tech/medical/biotech sector longs

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and then added them back

• Market Exposure: 50% Net Long