Stocks Rising Slightly into Final Hour on Less Eurozone Debt Angst, Buyout Speculation, Short-Covering, Biotech/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 11.44 +6.62%

• Euro/Yen Carry Return Index 145.40 -.37%

• Emerging Markets Currency Volatility(VXY) 6.58 +.15%

• S&P 500 Implied Correlation 52.83 +9.39%

• ISE Sentiment Index 107.0 -18.94%

• Total Put/Call .83 -9.78%

• NYSE Arms .98 -13.10% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.20 -.20%

• European Financial Sector CDS Index 57.62 -3.81%

• Western Europe Sovereign Debt CDS Index 27.86 -8.66%
• Asia Pacific Sovereign Debt CDS Index 75.05 +.03%

• Emerging Market CDS Index 235.11unch.

• China Blended Corporate Spread Index 315.15 -.03%
• 2-Year Swap Spread 14.5 +.25 basis point

• TED Spread 20.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -8.25 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 219.0 unch.

• China Import Iron Ore Spot $94.30/Metric Tonne -.21%

• Citi US Economic Surprise Index -13.20 -.3 point

• Citi Emerging Markets Economic Surprise Index -13.20 +3.3 points

• 10-Year TIPS Spread 2.20 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +26 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long