Stocks Slightly Higher into Final Hour on Yen Weakness, Short-Covering, Bargain-Hunting, Oil Service/Metals & Mining Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.89 -.82%

• Euro/Yen Carry Return Index 146.69 -.36%

• Emerging Markets Currency Volatility(VXY) 8.37 unch.

• S&P 500 Implied Correlation 58.84 +1.34%

• ISE Sentiment Index 94.0 +20.51%

• Total Put/Call .74 -37.29% 

• NYSE Arms .94 -39.29% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.68 -1.09%

• European Financial Sector CDS Index 80.98 -2.05%

• Western Europe Sovereign Debt CDS Index 42.36 unch.

• Asia Pacific Sovereign Debt CDS Index 89.39 +1.14%

• Emerging Market CDS Index 280.74 +.46%

• China Blended Corporate Spread Index 359.90 +.54%

• 2-Year Swap Spread 13.75 unch.

• TED Spread 19.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 227.0 +1.0 basis point

• China Import Iron Ore Spot $117.0/Metric Tonne +.09%

• Citi US Economic Surprise Index -37.60 -2.6 points

• Citi Emerging Markets Economic Surprise Index -21.90 -.8 point

• 10-Year TIPS Spread 2.13 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +155 open in Japan

• DAX Futures: Indicating -17 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech/retail sector longs, index hedges and emerging markets shorts

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

• Market Exposure: 25% Net Long