Stocks Rising into Afternoon on Yen Weakness, Central Bank Hopes, Short-Covering, Financial/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.18 -6.02%

• Euro/Yen Carry Return Index 144.68 -.14%

• Emerging Markets Currency Volatility(VXY) 7.18 -.28%

• S&P 500 Implied Correlation 54.76 -4.62%

• ISE Sentiment Index 84.0 -8.70%

• Total Put/Call .92 -1.08%

• NYSE Arms .73 -63.97% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.71 -.53%

• European Financial Sector CDS Index 80.61 -1.34%

• Western Europe Sovereign Debt CDS Index 39.95 +4.44%
• Asia Pacific Sovereign Debt CDS Index 87.27 -1.27%

• Emerging Market CDS Index 267.30 -.99%

• China Blended Corporate Spread Index 360.35 +.23%
• 2-Year Swap Spread 15.5 unch.

• TED Spread 19.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.0 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 221.0 +3.0 basis points

• China Import Iron Ore Spot $98.50/Metric Tonne +1.03%

• Citi US Economic Surprise Index 3.20 -.1 point

• Citi Emerging Markets Economic Surprise Index -21.70 +1.6 points

• 10-Year TIPS Spread 2.17 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +142 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 75% Net Long