Stocks Rising into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Biotech/Homebuilding 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) 11.77 -1.18%

• Euro/Yen Carry Return Index 145.07 +.21%

• Emerging Markets Currency Volatility(VXY) 6.96 -1.83%

• S&P 500 Implied Correlation 55.57 -.09%

• ISE Sentiment Index 125.0 +43.68%

• Total Put/Call .86 -2.27%

• NYSE Arms 1.04 +43.61% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.73 -2.11%

• European Financial Sector CDS Index 79.48 -1.40%

• Western Europe Sovereign Debt CDS Index 39.44 -.25%
• Asia Pacific Sovereign Debt CDS Index 85.56 -.47%

• Emerging Market CDS Index 265.90 -.17%

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

• TED Spread 19.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -5.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 221.0 unch.

• China Import Iron Ore Spot $98.80/Metric Tonne +.30%

• Citi US Economic Surprise Index -.3 -3.5 points

• Citi Emerging Markets Economic Surprise Index -18.70 +3.0 points

• 10-Year TIPS Spread 2.22 +5.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +100 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long