Stocks Rising into Final Hour on Less Eurozone Debt Angst, Technical Buying, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 11.57 +1.85%

• Euro/Yen Carry Return Index 145.11 -.06%

• Emerging Markets Currency Volatility(VXY) 7.04 +2.03%

• S&P 500 Implied Correlation 55.20 -2.42%

• ISE Sentiment Index 36.0 -4.90%

• Total Put/Call .74 -1.33%

• NYSE Arms 1.18 +25.19% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.76 -.92%

• European Financial Sector CDS Index 74.59 -3.60%

• Western Europe Sovereign Debt CDS Index 35.75 -4.04%

• Asia Pacific Sovereign Debt CDS Index 81.33 -1.22%

• Emerging Market CDS Index 260.93 -.13%

• China Blended Corporate Spread Index 349.79 n/a

• 2-Year Swap Spread 16.25 +.25 basis point

• TED Spread 20.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 217.0 -2.0 basis points

• China Import Iron Ore Spot $98.10/Metric Tonne -.51%

• Citi US Economic Surprise Index 2.0 +.6 point

• Citi Emerging Markets Economic Surprise Index -20.40 -1.3 points

• 10-Year TIPS Spread 2.21 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +43 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical/tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 75% Net Long