Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Investor Performance Angst, Homebuilding/Metals & Mining Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.13 -.23%

• Euro/Yen Carry Return Index 141.05 +.68%

• Emerging Markets Currency Volatility(VXY) 8.27 -2.59%

• S&P 500 Implied Correlation 37.40 +2.89%

• ISE Sentiment Index 115.0 -7.3%

• Total Put/Call .83 +2.47%

• NYSE Arms 1.11 -15.28% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.06 -3.31%

• European Financial Sector CDS Index 119.20 -2.35%

• Western Europe Sovereign Debt CDS Index 73.0 +2.83%

• Emerging Market CDS Index 259.08 -1.23%

• 2-Year Swap Spread 13.25 unch.

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -4.75 +1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 222.0 -7 basis points

• China Import Iron Ore Spot $133.30/Metric Tonne -.82%

• Citi US Economic Surprise Index 19.40 -.2 point

• Citi Emerging Markets Economic Surprise Index -10.20 +.1 point

• 10-Year TIPS Spread 2.18 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +138 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM), (QQQ) hedges and added to my (EEM) short

• Market Exposure: Moved to 50% Net Long