Stocks Rising into Final Hour on Central Bank Hopes, Short-Covering, Less Eurozone Debt Angst, Metals & Mining/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.52 -4.38%

• Euro/Yen Carry Return Index 145.57 -.15%

• Emerging Markets Currency Volatility(VXY) 8.65 -2.59%

• S&P 500 Implied Correlation 50.64 -1.92%

• ISE Sentiment Index 118.0 +18.0%

• Total Put/Call .82 +3.80%

• NYSE Arms .96 +6.77% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.51 -1.57%

• European Financial Sector CDS Index 88.29 -2.89%

• Western Europe Sovereign Debt CDS Index 54.0 unch.

• Asia Pacific Sovereign Debt CDS Index 105.47 -2.53%

• Emerging Market CDS Index 331.07 +4.84%

• China Blended Corporate Spread Index 354.44 +.16%

• 2-Year Swap Spread 13.25 +.25 basis point

• TED Spread 22.50 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -5.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -2.0 basis points

• Yield Curve 243.0 +1.0 basis point

• China Import Iron Ore Spot $123.20/Metric Tonne +.98%

• Citi US Economic Surprise Index 19.70 -3.4 points

• Citi Emerging Markets Economic Surprise Index 20.10 +.2 point

• 10-Year TIPS Spread 2.17 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +157 open in Japan

• DAX Futures: Indicating +13 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts

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

• Market Exposure: 50% Net Long