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

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 13.40 -3.46%

• Euro/Yen Carry Return Index 149.25 +.61%

• Emerging Markets Currency Volatility(VXY) 8.42 -1.05%

• S&P 500 Implied Correlation 53.31 -1.35%

• ISE Sentiment Index 97.0 +14.12%

• Total Put/Call .96 unch.

• NYSE Arms 1.12 +37.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.71 -1.98%

• European Financial Sector CDS Index 88.27 -5.51%

• Western Europe Sovereign Debt CDS Index 46.02 +.24%
• Asia Pacific Sovereign Debt CDS Index 88.27 -1.69%

• Emerging Market CDS Index 286.19 -3.78%

• China Blended Corporate Spread Index 358.54 -1.16%
• 2-Year Swap Spread 12.0 -.75 basis point

• TED Spread 19.75 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 232.0 +2.0 basis points

• China Import Iron Ore Spot $117.60/Metric Tonne +.68%

• Citi US Economic Surprise Index -34.50 -1.9 points

• Citi Emerging Markets Economic Surprise Index -7.20 +1.5 points

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating +119 open in Japan

• DAX Futures: Indicating +23 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long