Stocks Slightly Higher into Final Hour on Less Eurozone Debt Angst, Short-Covering, Technical Buying, Transport/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.65 +1.22%

• Euro/Yen Carry Return Index 144.57 -.37%

• Emerging Markets Currency Volatility(VXY) 7.07 +.14%

• S&P 500 Implied Correlation 55.47 -.04%

• ISE Sentiment Index 101.0 -22.31%

• Total Put/Call .91 +28.17%

• NYSE Arms 1.05 -5.41% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.59 +.29%

• European Financial Sector CDS Index 72.75 -2.47%

• Western Europe Sovereign Debt CDS Index 35.05 -1.39%

• Asia Pacific Sovereign Debt CDS Index 81.43 +.62%

• Emerging Market CDS Index 252.89 -3.24%

• China Blended Corporate Spread Index 346.0 -.27%

• 2-Year Swap Spread 12.5 -3.75 basis points

• TED Spread 19.75 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 207.0 -10.0 basis points

• China Import Iron Ore Spot $96.80/Metric Tonne -1.33%

• Citi US Economic Surprise Index 1.90 -.1 point

• Citi Emerging Markets Economic Surprise Index -19.30 +1.1 points

• 10-Year TIPS Spread 2.21 unch.

Overseas Futures:

• Nikkei Futures: Indicating -22 open in Japan

• DAX Futures: Indicating -2 open in Germany

Portfolio: 

• Higher: On gains in my medical/tech sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long