Stocks Slightly Higher into Final Hour on Less Emerging Markets/Eurozone Debt Angst, Short-Covering, Healthcare/Telecom Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.36 -2.55%

• Euro/Yen Carry Return Index 147.86 -.04%

• Emerging Markets Currency Volatility(VXY) 8.10 -2.06%

• S&P 500 Implied Correlation 54.74 -1.01%

• ISE Sentiment Index 129.0 +2.38%

• Total Put/Call .75 -16.67% 

• NYSE Arms 1.07 +26.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.45 -2.05%

• European Financial Sector CDS Index 78.87 -2.34%

• Western Europe Sovereign Debt CDS Index 34.30 -2.83%
• Asia Pacific Sovereign Debt CDS Index 89.19 +.69%

• Emerging Market CDS Index 279.31 -.37%

• China Blended Corporate Spread Index 349.30 -2.52%
• 2-Year Swap Spread 11.75 +.75 basis point

• TED Spread 20.25 -1.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1 basis point

• Yield Curve 224.0 -1.0 basis point

• China Import Iron Ore Spot $105.40/Metric Tonne -2.68%

• Citi US Economic Surprise Index -32.50 -11.5 points

• Citi Emerging Markets Economic Surprise Index -27.0 -.7 point

• 10-Year TIPS Spread 2.19 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +16 open in Japan

• DAX Futures: Indicating +27 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs and emerging markets shorts

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

• Market Exposure: 50% Net Long