Stocks Higher into Final Hour on Central Bank Hopes, Less Emerging Markets Debt Angst, Investor Performance Angst, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.40 +.24%

• Euro/Yen Carry Return Index 141.03 +.48%

• Emerging Markets Currency Volatility(VXY) 8.57 -2.28%

• S&P 500 Implied Correlation 33.0 -3.37%

• ISE Sentiment Index 160.0 +19.4%

• Total Put/Call .75 -9.64%

• NYSE Arms .76 +2.71% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.54 -1.49%

• European Financial Sector CDS Index 107.02 -1.94%

• Western Europe Sovereign Debt CDS Index 63.36 +1.66%

• Emerging Market CDS Index 286.05 -1.30%

• 2-Year Swap Spread 10.25 -.75 basis point

• TED Spread 16.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.

• Yield Curve 241.0 unch.

• China Import Iron Ore Spot $136.80/Metric Tonne +.15%

• Citi US Economic Surprise Index 6.90 -4.6 points

• Citi Emerging Markets Economic Surprise Index -12.60 -.5 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +179 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long