Stocks Slightly Higher into Final Hour on Dimishing Global Growth Fears, Less Emerging Markets Debt Angst, Short-Covering, Tech/Metals & Mining Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 13.03 -2.83%
• Euro/Yen Carry Return Index 134.13 +.20%
• Emerging Markets Currency Volatility(VXY) 9.0 +.11%
• S&P 500 Implied Correlation 49.65 -2.61%

• ISE Sentiment Index 133.0 +52.87%

• Total Put/Call .78 -13.33%

• NYSE Arms 1.04 +16.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 75.79 +.52%

• European Financial Sector CDS Index 136.51 -.10%

• Western Europe Sovereign Debt CDS Index 83.0 -.29%

• Emerging Market CDS Index 293.18 -1.18%

• 2-Year Swap Spread 17.0 -.5 bp

• TED Spread 21.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 230.0 +3 bps

• China Import Iron Ore Spot $138.70/Metric Tonne +4.2%

• Citi US Economic Surprise Index 38.0 +1.1 points
• Citi Emerging Markets Economic Surprise Index -29.80 unch.

• 10-Year TIPS Spread 2.25 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +86 open in Japan

• DAX Futures: Indicating -2 open in Germany

Portfolio: 

• Slightly Higher: On gains in my retail/tech sector longs
• Disclosed Trades: None
• Market Exposure: 75% Net Long