Stocks Rising into Final Hour on Lower Long-Term Rates, Short-Covering, Healthcare/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.15 -1.05%

• Euro/Yen Carry Return Index 145.94 +.39%

• Emerging Markets Currency Volatility(VXY) 8.87 -.11%

• S&P 500 Implied Correlation 51.76 +.62%

• ISE Sentiment Index 86.0 -41.89%

• Total Put/Call .80 -6.98%

• NYSE Arms .87 -29.55% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.50 -1.13%

• European Financial Sector CDS Index 90.75 +.68%

• Western Europe Sovereign Debt CDS Index 54.0  +1.34%

• Asia Pacific Sovereign Debt CDS Index 108.82 +2.38%

• Emerging Market CDS Index 329.98 +1.36%

• China Blended Corporate Spread Index 353.86 -.79%

• 2-Year Swap Spread 13.0 +1.25 basis points

• TED Spread 21.0 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -5.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% -1.0 basis point

• Yield Curve 242.0 unch.

• China Import Iron Ore Spot $122.0/Metric Tonne +.83%

• Citi US Economic Surprise Index 23.10 -2.8 points

• Citi Emerging Markets Economic Surprise Index 19.90 -1.2 points

• 10-Year TIPS Spread 2.19 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating +37 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long