Stocks Higher into Final Hour on Less Emerging Markets Debt Angst, Yen Weakness, Short-Covering, Tech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.44 -4.31%

• Euro/Yen Carry Return Index 147.50 -.09%

• Emerging Markets Currency Volatility(VXY) 8.84 -.45%

• S&P 500 Implied Correlation 54.22 -2.34%

• ISE Sentiment Index 98.0 +15.29%

• Total Put/Call .73 -26.26%

• NYSE Arms .87 -21.95% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.49 -.44%

• European Financial Sector CDS Index 100.90 +.07%

• Western Europe Sovereign Debt CDS Index 46.16 -2.50%

• Asia Pacific Sovereign Debt CDS Index 94.95 -.21%

• Emerging Market CDS Index 299.82 -4.10%

• China Blended Corporate Spread Index 375.0 -1.29%

• 2-Year Swap Spread 14.0 +.25 basis point

• TED Spread 19.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 231.0 +2.0 basis points

• China Import Iron Ore Spot $111.80/Metric Tonne +1.18%

• Citi US Economic Surprise Index -31.70 +2.1 points

• Citi Emerging Markets Economic Surprise Index -7.10 -2.3 points

• 10-Year TIPS Spread 2.15 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -37 open in Japan

• DAX Futures: Indicating +39 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long