Stocks Surging into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Biotech/Tech 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) 12.22 -5.42%

• Euro/Yen Carry Return Index 146.64 +.29%

• Emerging Markets Currency Volatility(VXY) 7.33 +.14%

• S&P 500 Implied Correlation 54.49 -3.61%

• ISE Sentiment Index 115.0 +19.79%

• Total Put/Call .63 -32.98%

• NYSE Arms .66 -56.73% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.58 -1.85%

• European Financial Sector CDS Index 72.77 -2.52%

• Western Europe Sovereign Debt CDS Index 32.82 +1.26%
• Asia Pacific Sovereign Debt CDS Index 84.85 +.36%

• Emerging Market CDS Index 266.53 -1.04%

• China Blended Corporate Spread Index 360.44 +.19%
• 2-Year Swap Spread 13.75 unch.

• TED Spread 20.50 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -4.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 226.0 +2.0 basis points

• China Import Iron Ore Spot $103.0/Metric Tonne +.29%

• Citi US Economic Surprise Index -6.60 +2.5 points

• Citi Emerging Markets Economic Surprise Index -23.40 +2.0 points

• 10-Year TIPS Spread 2.17 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +170 open in Japan

• DAX Futures: Indicating +17 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long