Stocks Slightly Higher into Final Hour on Central Bank Hopes, Less Eurozone Debt Angst, Short-Covering, Utility/Healthcare 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) 10.59 -.19%

• Euro/Yen Carry Return Index 144.77 +.09%

• Emerging Markets Currency Volatility(VXY) 5.93 -2.15%

• S&P 500 Implied Correlation 47.43 -1.35%

• ISE Sentiment Index 92.0 -31.34%

• Total Put/Call .65 -14.47%

• NYSE Arms 1.01 +70.05% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.25 -1.28%

• European Financial Sector CDS Index 57.81 -6.75%

• Western Europe Sovereign Debt CDS Index 29.78 -1.21%

• Asia Pacific Sovereign Debt CDS Index 75.98 -.77%

• Emerging Market CDS Index 246.23 +1.04%

• China Blended Corporate Spread Index 308.11 -.52%

• 2-Year Swap Spread 15.50 -.5 basis point

• TED Spread 22.0 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1 basis point

• Yield Curve 217.0 +3.0 basis points

• China Import Iron Ore Spot $90.70/Metric Tonne +.44%

• Citi US Economic Surprise Index -10.20 +1.3 points

• Citi Emerging Markets Economic Surprise Index -8.70 +1.2 points

• 10-Year TIPS Spread 2.24 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan

• DAX Futures: Indicating +4 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long