Stocks Higher into Final Hour on Less Eurozone/Asian Debt Angst, Lower Long-Term Rates, Window-Dressing, Biotech/REIT Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.30 -6.33%

• Euro/Yen Carry Return Index 132.67 -.60%

• Emerging Markets Currency Volatility(VXY) 11.32 +.80%

• S&P 500 Implied Correlation 58.34 -3.35%

• ISE Sentiment Index 72.0 -27.27%

• Total Put/Call .84 -21.50%

• NYSE Arms 1.13 +86.61% 

Credit Investor Angst:

• North American Investment Grade CDS Index 88.22 -4.44%

• European Financial Sector CDS Index 168.05 -7.2%

• Western Europe Sovereign Debt CDS Index 96.19 -.84%

• Emerging Market CDS Index 336.14 -4.39%

• 2-Year Swap Spread 14.50 -2.5 bps

• TED Spread 22.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 +2.5 bps

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 215.0 -4 bps

• China Import Iron Ore Spot $113.80/Metric Tonne -.18%

• Citi US Economic Surprise Index -8.0 -9.3 points

• Citi Emerging Markets Economic Surprise Index -37.10 +1.1 points 

• 10-Year TIPS Spread 1.95 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +341 open in Japan

• DAX Futures: Indicating +16 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long