Stocks Rising Slightly into Final Hour on Yen Weakness, Lower Long-Term Rates, Biotech/Energy 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) 13.87 +2.21%

• Euro/Yen Carry Return Index 146.85 +.77%

• Emerging Markets Currency Volatility(VXY) 8.63 -.46%

• S&P 500 Implied Correlation 51.58 +1.54%

• ISE Sentiment Index 100.0 +4.17%

• Total Put/Call .75 -8.54%

• NYSE Arms 1.48 +47.32% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.91 +.17%

• European Financial Sector CDS Index 88.20 +.40%

• Western Europe Sovereign Debt CDS Index 52.0 -1.89%

• Asia Pacific Sovereign Debt CDS Index 101.83 +.10%

• Emerging Market CDS Index 332.99 +1.10%

• China Blended Corporate Spread Index 355.37 +.26%

• 2-Year Swap Spread 13.25 unch.

• TED Spread 22.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 241.0 -2.0 basis points

• China Import Iron Ore Spot $124.40/Metric Tonne unch.

• Citi US Economic Surprise Index 0.0 -17.6 points

• Citi Emerging Markets Economic Surprise Index 20.20 +.1 point

• 10-Year TIPS Spread 2.16 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -18 open in Japan

• DAX Futures: Indicating -4 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long