Stocks Higher into Final Hour on Less Eurozone/Asian Debt Angst, Diminishing Global Growth Fears, Financial/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) 13.67 -.80%
• Euro/Yen Carry Return Index 137.28 +.74%
• Emerging Markets Currency Volatility(VXY) 9.69 -.51%
• S&P 500 Implied Correlation 52.18 -1.34%

• ISE Sentiment Index 136.0 +12.4%

• Total Put/Call .72 -22.58%

• NYSE Arms .86 -9.52% 

Credit Investor Angst:

• North American Investment Grade CDS Index 73.82 -3.21%

• European Financial Sector CDS Index 150.81 -5.1%

• Western Europe Sovereign Debt CDS Index 94.0 -2.98%

• Emerging Market CDS Index 273.63 -5.1%

• 2-Year Swap Spread 17.0 unch.

• TED Spread 24.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% -1 bp

• Yield Curve 223.0 +5 bps

• China Import Iron Ore Spot $131.90/Metric Tonne +1.15%

• Citi US Economic Surprise Index -9.70 +1.6 points
• Citi Emerging Markets Economic Surprise Index -31.70 +1.1 points

• 10-Year TIPS Spread 2.15 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +198 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio: 

• Higher: On gains in my medical/retail sector longs and emerging markets shorts
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them
• Market Exposure: 50% Net Long