Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Investor Performance Angst, REIT/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.26 +.45%

• Euro/Yen Carry Return Index 140.15 +.11%

• Emerging Markets Currency Volatility(VXY) 8.02 -2.79%

• S&P 500 Implied Correlation 37.88 +3.19%

• ISE Sentiment Index 93.0 +36.76%

• Total Put/Call .93 +16.25%

• NYSE Arms .88 -10.64% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.86 -.54%

• European Financial Sector CDS Index 125.37 +2.25%

• Western Europe Sovereign Debt CDS Index 69.0 -1.43%

• Emerging Market CDS Index 262.04 +.01%

• 2-Year Swap Spread 13.0 -.25 basis point

• TED Spread 20.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 220.0 -1 basis point

• China Import Iron Ore Spot $133.30/Metric Tonne -.15%

• Citi US Economic Surprise Index 17.0 -.1 point

• Citi Emerging Markets Economic Surprise Index -5.60 +.8 point

• 10-Year TIPS Spread 2.19 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +123 open in Japan

• DAX Futures: Indicating +8 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs and index hedges

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long