Stocks Higher into Final Hour on Lower Energy Prices, Diminishing Global Growth Fears, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Sightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.01 -3.61%

• Euro/Yen Carry Return Index 137.26 +.35%

• Emerging Markets Currency Volatility(VXY) 11.79 -1.67%

• S&P 500 Implied Correlation 52.26 -1.73%

• ISE Sentiment Index 113.0 +13.86%

• Total Put/Call .81 +9.46%

• NYSE Arms .74 +1.74% 

Credit Investor Angst:

• North American Investment Grade CDS Index 82.99 -.62%

• European Financial Sector CDS Index 144.50 +.10%

• Western Europe Sovereign Debt CDS Index 90.0 +4.75%

• Emerging Market CDS Index 344.32 +1.12%

• 2-Year Swap Spread 15.25 -2.0 bps

• TED Spread 24.25 -.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -10.50 -.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 243.0 -1 bp

• China Import Iron Ore Spot $138.0/Metric Tonne -.5%

• Citi US Economic Surprise Index 36.0 -.8 point

• Citi Emerging Markets Economic Surprise Index -16.0 +.9 point

• 10-Year TIPS Spread 2.08 -3 bps

Overseas Futures:

• Nikkei Futures: Indicating +26 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long