Stocks Higher into Final Hour on Diminishing Global Growth Fears, Stable Rates, Short-Covering, Commodity/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.68 -2.31%

• Euro/Yen Carry Return Index 134.85 +.64%

• Emerging Markets Currency Volatility(VXY) 9.19 -1.29%

• S&P 500 Implied Correlation 47.77 -1.34%

• ISE Sentiment Index 111.0 -16.54%

• Total Put/Call .74 -23.71%

• NYSE Arms .67 -31.40% 

Credit Investor Angst:

• North American Investment Grade CDS Index 75.32 -1.33%

• European Financial Sector CDS Index 135.87 -1.68%

• Western Europe Sovereign Debt CDS Index 82.0 -1.80%

• Emerging Market CDS Index 304.48 -2.70%

• 2-Year Swap Spread 17.5 unch.

• TED Spread 22.0 -.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -8.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .05% +1 bp

• Yield Curve 228.0 -1 bp

• China Import Iron Ore Spot $133.10/Metric Tonne n/a

• Citi US Economic Surprise Index 36.90 +.2 point

• Citi Emerging Markets Economic Surprise Index -26.10 +1.5 points

• 10-Year TIPS Spread 2.26 unch.

Overseas Futures:

• Nikkei Futures: Indicating +95 open in Japan

• DAX Futures: Indicating +23 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 75% Net Long