Stocks Higher into Final Hour on Global Growth Optimism, Seasonality, Investor Performance Angst, Homebuilding/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.63 -3.14%

• Euro/Yen Carry Return Index 148.72 +.01%

• Emerging Markets Currency Volatility(VXY) 9.02 -.11%

• S&P 500 Implied Correlation 50.12 -.81%

• ISE Sentiment Index 199.0 +61.8%

• Total Put/Call .55 -9.84%

• NYSE Arms .74 -11.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.42 -.56%

• European Financial Sector CDS Index 85.62 -.09%

• Western Europe Sovereign Debt CDS Index 60.75 -.16%

• Emerging Market CDS Index 267.28 +.68%

• 2-Year Swap Spread 10.0 +.75 basis point

• TED Spread 18.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 unch.

Economic Gauges:

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

• Yield Curve 258.0 +4.0 basis points

• China Import Iron Ore Spot $132.0/Metric Tonne +.08%
  

• Citi US Economic Surprise Index 48.4 +3.5 points

• Citi Emerging Markets Economic Surprise Index -10.40 +.7 point

• 10-Year TIPS Spread 2.19 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and index hedges

• Disclosed Trades: None

• Market Exposure: 50% Net Long