Stocks Slightly Higher into Final Hour on Central Bank Hopes, Short-Covering, Investor Performance Angst, Commodity/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.03 -1.88%

• Euro/Yen Carry Return Index 138.94 +.05%

• Emerging Markets Currency Volatility(VXY) 8.53 -.61%

• S&P 500 Implied Correlation 38.81 -3.67%

• ISE Sentiment Index 112.0 unch.

• Total Put/Call .75 -18.48%

• NYSE Arms .76 +15.0% 

Credit Investor Angst:

• North American Investment Grade CDS Index 73.39 -.27%

• European Financial Sector CDS Index 114.36 -1.92%

• Western Europe Sovereign Debt CDS Index 68.0 -.56%

• Emerging Market CDS Index 274.48 -1.15%

• 2-Year Swap Spread 11.75 unch.

• TED Spread 20.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -5.0 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 230.0 -1 basis point

• China Import Iron Ore Spot $135.80/Metric Tonne +.37%

• Citi US Economic Surprise Index -3.80 -9.1 points

• Citi Emerging Markets Economic Surprise Index -12.50 -3.7 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating +124 open in Japan

• DAX Futures: Indicating +8 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long