Stocks Rising into Final Hour on Diminishing Global Growth Fears, Short-Covering, Financial/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.81 -2.05%

• Euro/Yen Carry Return Index 147.24 -.30%

• Emerging Markets Currency Volatility(VXY) 9.16 +.77%

• S&P 500 Implied Correlation 53.47 -.61%

• ISE Sentiment Index 180.0 +9.76%

• Total Put/Call .79 -1.25%

• NYSE Arms .51 -44.44% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.10 +11.80% (new series)

• European Financial Sector CDS Index 99.49 +13.85%

• Western Europe Sovereign Debt CDS Index 47.34 -1.14%
• Asia Pacific Sovereign Debt CDS Index 97.07 -.93%

• Emerging Market CDS Index 322.52 -.04%

• China Blended Corporate Spread Index 384.90 -1.17%
• 2-Year Swap Spread 12.75 +1.0 basis point

• TED Spread 18.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 235.0 +1.0 basis point

• China Import Iron Ore Spot $110.70/Metric Tonne +.18%

• Citi US Economic Surprise Index -32.60 +2.2 points

• Citi Emerging Markets Economic Surprise Index -4.30 +1.8 points

• 10-Year TIPS Spread 2.14 -4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +86 open in Japan

• DAX Futures: Indicating -11 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/medical sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long