Stocks Higher into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Tech/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.51 -1.73%
• Euro/Yen Carry Return Index 133.05 +1.34
• Emerging Markets Currency Volatility(VXY) 10.11 +2.12%
• S&P 500 Implied Correlation 55.57 -.58%

• ISE Sentiment Index 99.0 +20.73%

• Total Put/Call .80 -15.79%

• NYSE Arms .56 -21.36% 

Credit Investor Angst:

• North American Investment Grade CDS Index 81.98 +.10%

• European Financial Sector CDS Index 155.95 +1.30%

• Western Europe Sovereign Debt CDS Index 87.0 -2.79%

• Emerging Market CDS Index 323.10 +1.64%

• 2-Year Swap Spread 16.0 -.25 bp

• TED Spread 22.5 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -11.5 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 193.0 +2 bps

• China Import Iron Ore Spot $117.70/Metric Tonne +2.35%

• Citi US Economic Surprise Index -14.80 -.8 point
• Citi Emerging Markets Economic Surprise Index -46.2 +.3 point 

• 10-Year TIPS Spread 2.08 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +328 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

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