Stocks Rising into Final Hour on Less Eurozone/Emerging Markets Debt Angst, Short-Covering, Healthcare/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.93 -12.27%

• Euro/Yen Carry Return Index 143.67 -.05%

• Emerging Markets Currency Volatility(VXY) 6.58 -2.08%

• S&P 500 Implied Correlation 56.30 -6.7%

• ISE Sentiment Index 92.0 +113.95%

• Total Put/Call 1.21 -2.42%

• NYSE Arms .62 -32.67% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.74 -4.30%

• European Financial Sector CDS Index 71.86 -4.23%

• Western Europe Sovereign Debt CDS Index 36.32 -3.75%
• Asia Pacific Sovereign Debt CDS Index 73.46 -2.68%

• Emerging Market CDS Index 278.45 -.71%

• China Blended Corporate Spread Index 310.95 +.44%
• 2-Year Swap Spread 20.75 -.25 basis point

• TED Spread 22.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 202.0 -1.0 basis point

• China Import Iron Ore Spot $95.40/Metric Tonne +.21%

• Citi US Economic Surprise Index -12.70 +.3 point

• Citi Emerging Markets Economic Surprise Index 1.40 +1.8 points

• 10-Year TIPS Spread 2.23 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +56 open in Japan

• DAX Futures: Indicating +64 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges and some of my (EEM) short

• Market Exposure: Moved to 75% Net Long