Stocks Surging into Final Hour on Dimished Syria Intervention Worries, Global Growth Optimism, Lower Long-Term Rates, Homebuilding/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 15.47 -2.40%

• Euro/Yen Carry Return Index 137.68 +1.08%

• Emerging Markets Currency Volatility(VXY) 10.81 -5.09%

• S&P 500 Implied Correlation 48.49 -3.98%

• ISE Sentiment Index 129.0 +32.99%

• Total Put/Call .66 -25.0%

• NYSE Arms .62 -30.10% 

Credit Investor Angst:

• North American Investment Grade CDS Index 81.72 -2.98%

• European Financial Sector CDS Index 139.38 -4.57%

• Western Europe Sovereign Debt CDS Index 91.65 +.72%

• Emerging Market CDS Index 319.70 -3.17%

• 2-Year Swap Spread 15.5 -.25 bp

• TED Spread 24.55 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.5 bp

Economic Gauges:

• 3-Month T-Bill Yield .01% -1 bp

• Yield Curve 247.0 unch.

• China Import Iron Ore Spot $134.80/Metric Tonne +.52%

• Citi US Economic Surprise Index 55.0 -1.5 points

• Citi Emerging Markets Economic Surprise Index -14.0 +1.0 point

• 10-Year TIPS Spread 2.07 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating +125 open in Japan

• DAX Futures: Indicating +23 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long