Stocks Slightly Higher into Final Hour on Yen Weakness, Buyout Speculation, Short-Covering, Tech/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 11.96 -4.78%

• Euro/Yen Carry Return Index 144.12 +.16%

• Emerging Markets Currency Volatility(VXY) 6.59 +1.38%

• S&P 500 Implied Correlation 52.68 -2.77%

• ISE Sentiment Index 76.0 unch.

• Total Put/Call .68 -13.92%

• NYSE Arms .67 -59.77% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.67 -.97%

• European Financial Sector CDS Index 60.23 +.35%

• Western Europe Sovereign Debt CDS Index 28.40 +1.12%
• Asia Pacific Sovereign Debt CDS Index 77.41 +.25%

• Emerging Market CDS Index 246.57 +.05%

• China Blended Corporate Spread Index 314.39 +.92%
• 2-Year Swap Spread 14.5 -.25 basis point

• TED Spread 20.25 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 -1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 215.0 -2.0 basis points

• China Import Iron Ore Spot $90.90/Metric Tonne -.66%

• Citi US Economic Surprise Index -19.50 -1.9 points

• Citi Emerging Markets Economic Surprise Index -6.10 +.5 point

• 10-Year TIPS Spread 2.18 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating -3 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

• Slightly Lower: On losses in my index hedges and emerging markets shorts

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

• Market Exposure: Moved to 25% Net Long