Stocks Slightly Higher into Afternoon on Central Bank Hopes, Yen Weakness, Short-Covering, Healthcare/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.71 -.65%

• Euro/Yen Carry Return Index 147.74 -.04%

• Emerging Markets Currency Volatility(VXY) 7.54 -.40%

• S&P 500 Implied Correlation 58.04 +.73%

• ISE Sentiment Index 79.0 -10.23%

• Total Put/Call .87 -3.33% 

• NYSE Arms 1.0 -30.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.20 -.78%

• European Financial Sector CDS Index 75.57 -3.98%

• Western Europe Sovereign Debt CDS Index 33.01 -1.77%

• Asia Pacific Sovereign Debt CDS Index 86.87 -.45%

• Emerging Market CDS Index 270.43 -3.93%

• China Blended Corporate Spread Index 355.26 +.67%

• 2-Year Swap Spread 13.75 unch.

• TED Spread 19.75 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% +1 basis point

• Yield Curve 218.0 +1.0 basis point

• China Import Iron Ore Spot $105.10/Metric Tonne -.85%

• Citi US Economic Surprise Index -11.20 +.8 point

• Citi Emerging Markets Economic Surprise Index -27.70 +1.4 points

• 10-Year TIPS Spread 2.16 unch.

Overseas Futures:

• Nikkei Futures: Indicating +89 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech/retail sector longs

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

• Market Exposure: Moved to 50% Net Long