Stocks Slightly Higher into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Transport/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.24 +.08%

• Euro/Yen Carry Return Index 146.22 -.25%

• Emerging Markets Currency Volatility(VXY) 7.19 -.96%

• S&P 500 Implied Correlation 55.58 +1.35%

• ISE Sentiment Index 110.0 -17.91%

• Total Put/Call .85 +32.81%

• NYSE Arms .74 +12.11% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.49 +.27%

• European Financial Sector CDS Index 71.38 -1.91%

• Western Europe Sovereign Debt CDS Index 31.72 -2.19%
• Asia Pacific Sovereign Debt CDS Index 83.54 -1.55%

• Emerging Market CDS Index 266.34 +.09%

• China Blended Corporate Spread Index 356.82 -1.01%
• 2-Year Swap Spread 13.5 -.25 basis point

• TED Spread 20.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.25 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 223.0 -3.0 basis points

• China Import Iron Ore Spot $103.0/Metric Tonne n/a

• Citi US Economic Surprise Index -12.70 -6.1 points

• Citi Emerging Markets Economic Surprise Index -26.70 -2.3 points

• 10-Year TIPS Spread 2.15 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +43 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts 

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long