Stocks Rising into Final Hour on Central Bank Hopes, Yen Weakness, Lower Long-Term Rates, Biotech/Restaurant Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.41 -1.97%

• Euro/Yen Carry Return Index 143.15 +.67%

• Emerging Markets Currency Volatility(VXY) 8.59 -1.49%

• S&P 500 Implied Correlation 54.90 -2.73%

• ISE Sentiment Index 171.0 -17.79%

• Total Put/Call .90 +13.92%

• NYSE Arms .82 -17.90% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.12 -2.0%

• European Financial Sector CDS Index 101.57 -4.22%

• Western Europe Sovereign Debt CDS Index 62.50 unch.

• Emerging Market CDS Index 289.35 -2.02%

• 2-Year Swap Spread 9.75 -.75 basis point

• TED Spread 17.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .07% unch.

• Yield Curve 247.0 -4 basis points

• China Import Iron Ore Spot $136.50/Metric Tonne +.15%

• Citi US Economic Surprise Index 6.70 -.3 point

• Citi Emerging Markets Economic Surprise Index -14.30 -.2 point

• 10-Year TIPS Spread 2.20 unch.

Overseas Futures:

• Nikkei Futures: Indicating +205 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long