Stocks Rising into Final Hour on Less Emerging Markets/Eurozone Debt Angst, Central Bank Hopes, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 14.35 -8.25%

• Euro/Yen Carry Return Index 147.51 -.21%

• Emerging Markets Currency Volatility(VXY) 8.85 -1.23%

• S&P 500 Implied Correlation 52.98 -4.18%

• ISE Sentiment Index 162.0 +74.19%

• Total Put/Call .71 -14.46%

• NYSE Arms .77 -.54% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.41 -2.63%

• European Financial Sector CDS Index 88.12 -3.79%

• Western Europe Sovereign Debt CDS Index 48.35 -2.44%
• Asia Pacific Sovereign Debt CDS Index 98.69 +.52%

• Emerging Market CDS Index 315.82 -2.08%

• China Blended Corporate Spread Index 381.76 -.67%
• 2-Year Swap Spread 13.5 -.25 basis point

• TED Spread 10.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 233.0 unch.

• China Import Iron Ore Spot $110.50/Metric Tonne +.82%

• Citi US Economic Surprise Index -33.50 +2.3 points

• Citi Emerging Markets Economic Surprise Index -6.10 +2.6 points

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +44 open in Japan

• DAX Futures: Indicating +24 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long