Stocks Slightly Higher into Final Hour on Yen Weakness, Quarter-End Window Dressing, Short-Covering, Healthcare/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.79 +1.16%

• Euro/Yen Carry Return Index 147.49 +.71%

• Emerging Markets Currency Volatility(VXY) 8.72 -.23%

• S&P 500 Implied Correlation 56.15 +.57%

• ISE Sentiment Index 108.0 +.93%

• Total Put/Call .93 +12.05%

• NYSE Arms .96 +9.43% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.58 -.57%

• European Financial Sector CDS Index 94.94 -2.80%

• Western Europe Sovereign Debt CDS Index 47.34 unch.

• Asia Pacific Sovereign Debt CDS Index 92.52 -.22%

• Emerging Market CDS Index 299.07 +3.23%

• China Blended Corporate Spread Index 370.28 +.48%

• 2-Year Swap Spread 12.0 +.5 basis point

• TED Spread 19.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% +1.0 basis point

• Yield Curve 226.0 +4.0 basis points

• China Import Iron Ore Spot $112.30/Metric Tonne unch.

• Citi US Economic Surprise Index -29.5 +1.5 points

• Citi Emerging Markets Economic Surprise Index -6.4 +.8 point

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating +98 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts

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

• Market Exposure: 25% Net Long