Stocks Slightly Higher into Final Hour on Global Growth Optimism, Diminished Syria/Russia Tensions, Short-Covering, Healthcare/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.39 +.70%

• Euro/Yen Carry Return Index 137.66 -.25%

• Emerging Markets Currency Volatility(VXY) 10.38 -1.14%

• S&P 500 Implied Correlation 47.02 +.99%

• ISE Sentiment Index 111.0 +24.72%

• Total Put/Call .75 -11.76%

• NYSE Arms .90 -21.53% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.17 -.91%

• European Financial Sector CDS Index 138.45 +.29%

• Western Europe Sovereign Debt CDS Index 90.0 unch.

• Emerging Market CDS Index 306.40 -1.38%

• 2-Year Swap Spread 15.5 +.25 bp

• TED Spread 24.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 245.0 -2 bps

• China Import Iron Ore Spot $134.50/Metric Tonne -.52%

• Citi US Economic Surprise Index 49.70 -7.1 points

• Citi Emerging Markets Economic Surprise Index 3.60 -.2 point

• 10-Year TIPS Spread 2.11 unch.

Overseas Futures:

• Nikkei Futures: Indicating +21 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long