Stocks Slightly Higher into Final Hour on Central Bank Hopes, Short-Covering, Commodity/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.29 +1.53%

• Euro/Yen Carry Return Index 140.51 +.22%

• Emerging Markets Currency Volatility(VXY) 7.83 -2.37%

• S&P 500 Implied Correlation 38.45 +3.31%

• ISE Sentiment Index 182.0 +102.22%

• Total Put/Call .77 -16.30%

• NYSE Arms .71 -9.38% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.84 +.15%

• European Financial Sector CDS Index 122.37 -2.40%

• Western Europe Sovereign Debt CDS Index 69.33 +.48%

• Emerging Market CDS Index 260.25 -.54%

• 2-Year Swap Spread 12.75 -.25 basis point

• TED Spread 21.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% -1 basis point

• Yield Curve 221.0 +1 basis point

• China Import Iron Ore Spot $131.80/Metric Tonne -1.13%

• Citi US Economic Surprise Index 11.4 -5.6 points

• Citi Emerging Markets Economic Surprise Index -4.70 +.9 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating -71 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Higher: On gains in my medical/retail sector longs and index hedges

• Disclosed Trades: None

• Market Exposure: 50% Net Long