Stocks Slightly Higher into Final Hour on Asian Gains, Short-Covering, Biotech/REIT Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.11 -1.18%

• Euro/Yen Carry Return Index 145.37 -.13%

• Emerging Markets Currency Volatility(VXY) 9.32 -.43%

• S&P 500 Implied Correlation 52.53 -.42%

• ISE Sentiment Index 131.0 unch.

• Total Put/Call .89 +9.88%

• NYSE Arms 1.51 +108.01% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.75 +.15%

• European Financial Sector CDS Index 94.0 +.21%

• Western Europe Sovereign Debt CDS Index 53.0 unch.
• Asia Pacific Sovereign Debt CDS Index 108.61 -2.19%

• Emerging Market CDS Index 327.53 +2.03%

• China Blended Corporate Spread Index 362.29 +.11%
• 2-Year Swap Spread 12.0 -.25 basis point

• TED Spread 17.75 +2.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .06% -2.0 basis points

• Yield Curve 237.0 unch.

• China Import Iron Ore Spot $120.80/Metric Tonne -.08%

• Citi US Economic Surprise Index 24.60 +1.0 point

• Citi Emerging Markets Economic Surprise Index 12.40 +1.5 points

• 10-Year TIPS Spread 2.18 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -73 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long