Stocks Slightly Higher into Final Hour on Less Eurozone/Asian Debt Angst, Central Bank Hopes, Short-Covering, Financial/Gaming 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) 13.51 -2.38%
• Euro/Yen Carry Return Index 136.02 +.64%
• Emerging Markets Currency Volatility(VXY) 9.94 -3.12%
• S&P 500 Implied Correlation 51.53 -2.33%

• ISE Sentiment Index 112.0 +55.56%

• Total Put/Call .81 -8.99%

• NYSE Arms .80 +1.01% 

Credit Investor Angst:

• North American Investment Grade CDS Index 76.85 -1.39%

• European Financial Sector CDS Index 157.90 -.49%

• Western Europe Sovereign Debt CDS Index 96.0 unch.

• Emerging Market CDS Index 299.0 -6.41%

• 2-Year Swap Spread 18.25 +1.0 bp

• TED Spread 24.75 +1.5 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -10.75 +.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% -2 bps

• Yield Curve 222.0 -2 bps

• China Import Iron Ore Spot $126.90/Metric Tonne +.08%

• Citi US Economic Surprise Index -15.0 -3.3 points
• Citi Emerging Markets Economic Surprise Index -36.20 +1.5 points

• 10-Year TIPS Spread 2.08 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +304 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/medical sector longs
• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short
• Market Exposure: Moved to 75% Net Long