Stocks Surging into Final Hour on Less Emerging Markets/Eurozone Debt Angst, Yen Weakness, Short-Covering, Retail/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 17.34 -13.08%

• Euro/Yen Carry Return Index 144.77 +1.05%

• Emerging Markets Currency Volatility(VXY) 9.52 -1.46%

• S&P 500 Implied Correlation 55.91 -7.89%

• ISE Sentiment Index 87.0 -26.89%

• Total Put/Call .82 -15.45%

• NYSE Arms .57 -30.31% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.95 -3.93%

• European Financial Sector CDS Index 95.25 -4.15%

• Western Europe Sovereign Debt CDS Index 54.31 -1.25%
• Asia Pacific Sovereign Debt CDS Index 111.95 -2.04%

• Emerging Market CDS Index 327.97 -1.0%

• China Blended Corporate Spread Index 364.68 -1.64%
• 2-Year Swap Spread 13.25 +.5 basis point

• TED Spread 17.0 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.0 +3.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .07% +1.0 basis point

• Yield Curve 238.0 +3.0 basis points

• China Import Iron Ore Spot $121.0/Metric Tonne -1.14%

• Citi US Economic Surprise Index 25.50 -4.8 points

• Citi Emerging Markets Economic Surprise Index 9.90 -.3 point

• 10-Year TIPS Spread 2.14 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +340 open in Japan

• DAX Futures: Indicating +10 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long