Stocks Rising into Final Hour on Earnings Optimism, Technical Buying, Short-Covering, Retail/Tech 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) 12.43 -5.62%

• Euro/Yen Carry Return Index 145.07 -.20%

• Emerging Markets Currency Volatility(VXY) 7.20 -2.17%

• S&P 500 Implied Correlation 56.0 -4.29%

• ISE Sentiment Index 92.0 -1.08%

• Total Put/Call .93 -7.92%

• NYSE Arms 1.04 -40.63% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.72 -.49%

• European Financial Sector CDS Index 78.03 -1.57%

• Western Europe Sovereign Debt CDS Index 35.64 -.28%
• Asia Pacific Sovereign Debt CDS Index 85.25 +.95%

• Emerging Market CDS Index 269.99 -.25%

• China Blended Corporate Spread Index 359.70 +.65%
• 2-Year Swap Spread 14.75 +1.0 basis point

• TED Spread 21.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 216.0 +2.0 basis points

• China Import Iron Ore Spot $100.70/Metric Tonne -2.04%

• Citi US Economic Surprise Index -2.30 +5.1 points

• Citi Emerging Markets Economic Surprise Index -25.20 +.1 point

• 10-Year TIPS Spread 2.18 unch.

Overseas Futures:

• Nikkei Futures: Indicating +59 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long