Stocks Rising into Final Hour on Central Bank Hopes, Yen Weakness, Investor Performance Angst, Gaming/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.61 -5.90%

• Euro/Yen Carry Return Index 141.96 +1.24%

• Emerging Markets Currency Volatility(VXY) 8.77 +1.15%

• S&P 500 Implied Correlation 56.16 -4.12%

• ISE Sentiment Index 216.0 +87.83%

• Total Put/Call .77 -18.95%

• NYSE Arms 1.08 +10.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.97 -2.03%

• European Financial Sector CDS Index 106.05 -.11%

• Western Europe Sovereign Debt CDS Index 62.50 +.26%

• Emerging Market CDS Index 295.01 -1.34%

• 2-Year Swap Spread 10.50 unch.

• TED Spread 16.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .07% -1 basis point

• Yield Curve 251.0 -1 basis point

• China Import Iron Ore Spot $136.30/Metric Tonne -.07%

• Citi US Economic Surprise Index 7.0 +.1 point

• Citi Emerging Markets Economic Surprise Index -14.10 +.8 point

• 10-Year TIPS Spread 2.20 +3 basis points

Overseas Futures:

• Nikkei Futures: Indicating +215 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long