Stocks Higher into Final Hour on Diminishing Global Growth Fears, Short-Covering, Bargain-Hunting, Tech/Biotech Sector Strength

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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) 16.76 -1.47%

• Euro/Yen Carry Return Index 136.80 +.09%

• Emerging Markets Currency Volatility(VXY) 11.91 +2.41%

• S&P 500 Implied Correlation 54.51 -.15%

• ISE Sentiment Index 104.0 +23.81%

• Total Put/Call .74 -33.93%

• NYSE Arms .67 -39.31% 

Credit Investor Angst:

• North American Investment Grade CDS Index 83.53 -.31%

• European Financial Sector CDS Index 144.36 +.08%

• Western Europe Sovereign Debt CDS Index 85.91 +.12%

• Emerging Market CDS Index 341.48 +.37%

• 2-Year Swap Spread 17.25 +.75 bp

• TED Spread 24.50 +.5 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -10.0 -.25 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 244.0 +6 bps

• China Import Iron Ore Spot $138.70/Metric Tonne unch.

• Citi US Economic Surprise Index 36.80 +6.0 points

• Citi Emerging Markets Economic Surprise Index -16.90 -2.2 points

• 10-Year TIPS Spread 2.11 unch.

Overseas Futures:

• Nikkei Futures: Indicating -88 open in Japan

• DAX Futures: Indicating -4 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail sector longs, index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long