Stocks Slightly Higher into Afternoon on Diminshed Global Growth Fears, Yen Weakness, Short-Covering, Metals & Mining/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 10.72 -3.86%

• Euro/Yen Carry Return Index 145.16 -.12%

• Emerging Markets Currency Volatility(VXY) 5.89 +1.20%

• S&P 500 Implied Correlation 47.17 -4.36%

• ISE Sentiment Index 149.0 +49.0%

• Total Put/Call .86 -7.63%

• NYSE Arms .61 -40.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.19 +1.17%

• European Financial Sector CDS Index 62.65 -.28%

• Western Europe Sovereign Debt CDS Index 31.46 +1.50%
• Asia Pacific Sovereign Debt CDS Index 71.43 -1.79%

• Emerging Market CDS Index 238.06 +2.53%

• China Blended Corporate Spread Index 304.66 -1.84%
• 2-Year Swap Spread 13.75 +1.0 basis point

• TED Spread 23.0 +1.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -10.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 213.0 +3.0 basis points

• China Import Iron Ore Spot $94.70/Metric Tonne +.53%

• Citi US Economic Surprise Index -18.60 +4.0 points

• Citi Emerging Markets Economic Surprise Index -8.80 -.4 point

• 10-Year TIPS Spread 2.24 unch.

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long