Stocks Slightly Higher into Afternoon on Quarter-End Window-Dressing, Short-Covering, Homebuilding/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 11.39 +1.24%

• Euro/Yen Carry Return Index 144.76 +.15%

• Emerging Markets Currency Volatility(VXY) 5.90 +.68%

• S&P 500 Implied Correlation 48.49 -2.69%

• ISE Sentiment Index 94.0 -33.33%

• Total Put/Call .87 +4.82%

• NYSE Arms .97 -35.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.44 +1.32%

• European Financial Sector CDS Index 67.99 +3.77%

• Western Europe Sovereign Debt CDS Index 29.0 +1.15%
• Asia Pacific Sovereign Debt CDS Index 73.76 +.56%

• Emerging Market CDS Index 237.80 +.85%

• China Blended Corporate Spread Index 307.88 -1.62%
• 2-Year Swap Spread 12.75 unch.

• TED Spread 21.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 207.0 unch.

• China Import Iron Ore Spot $93.80/Metric Tonne -1.16%

• Citi US Economic Surprise Index -22.0 +1.7 points

• Citi Emerging Markets Economic Surprise Index -6.30 -.2 point

• 10-Year TIPS Spread 2.25 unch.

Overseas Futures:

• Nikkei Futures: Indicating +38 open in Japan

• DAX Futures: Indicating +15 open in Germany

Portfolio: 

• Higher: On gains in my biotech/tech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long