Stocks Slightly Higher into Final Hour on Diminished Global Growth Fears, Yen Weakness, Biotech/Bank Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.84 +3.22%

• Euro/Yen Carry Return Index 147.49 +.16%

• Emerging Markets Currency Volatility(VXY) 8.70 +1.05%

• S&P 500 Implied Correlation 50.95 -1.14%

• ISE Sentiment Index 105.0 -20.45%

• Total Put/Call .75 +7.14%

• NYSE Arms 1.53 +14.19% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.69 +.43%

• European Financial Sector CDS Index 87.70 +.96%

• Western Europe Sovereign Debt CDS Index 50.0 +3.62%

• Emerging Market CDS Index 291.62 -.12%

• 2-Year Swap Spread 13.5 +.25 basis point

• TED Spread 20.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -2.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 245.0 +1.0 basis point

• China Import Iron Ore Spot $123.20/Metric Tonne -1.28%

• Citi US Economic Surprise Index 64.10 -2.5 points

• Citi Emerging Markets Economic Surprise Index 4.5 -.3 points

• 10-Year TIPS Spread 2.24 unch.

Overseas Futures:

• Nikkei Futures: Indicating +33 open in Japan

• DAX Futures: Indicating +29 open in Germany

Portfolio: 

• Slightly Lower: On losses in my index hedges

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

• Market Exposure: Moved to 50% Net Long