Stocks Slightly Higher into Final Hour on Options Expiration, Short-Covering, Utility/REIT Sector Strength

Today's Market Take:

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 18.37 -10.35%

• Euro/Yen Carry Return Index 133.78 -.21%

• Emerging Markets Currency Volatility(VXY) 11.81 -.51%

• S&P 500 Implied Correlation 56.17 -5.04%

• ISE Sentiment Index 74.0 +80.49%

• Total Put/Call 1.17 -15.22%

• NYSE Arms .79 -13.06% 

Credit Investor Angst:

• North American Investment Grade CDS Index 93.93 +.98%

• European Financial Sector CDS Index 180.56 +4.0%

• Western Europe Sovereign Debt CDS Index 95.0 +1.06%

• Emerging Market CDS Index 377.77 +1.56%

• 2-Year Swap Spread 20.0 +1.75 bps

• TED Spread 23.75 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -13.0 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 216.0 +10 bps

• China Import Iron Ore Spot $118.60/Metric Tonne -1.66%

• Citi US Economic Surprise Index -12.0 +.9 point

• Citi Emerging Markets Economic Surprise Index -43.70 +1.1 points 

• 10-Year TIPS Spread 1.94 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating +230 open in Japan

• DAX Futures: Indicating +43 open in Germany

Portfolio: 

• Slightly Lower: On losses in my emerging markets shorts and tech sector longs

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

• Market Exposure: 25% Net Long