Stocks Slightly Higher into Final Hour on US Economic Data, Yen Weakness, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.43 +3.15%

• Euro/Yen Carry Return Index 142.75 -.01%

• Emerging Markets Currency Volatility(VXY) 6.37 -1.39%

• S&P 500 Implied Correlation 52.82 +1.48%

• ISE Sentiment Index 91.0 +1.11%

• Total Put/Call 1.02 -21.54%

• NYSE Arms .93 -24.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 56.84 +.26%

• European Financial Sector CDS Index 60.75 +.88%

• Western Europe Sovereign Debt CDS Index 30.64 -.79%
• Asia Pacific Sovereign Debt CDS Index 64.94 -.91%

• Emerging Market CDS Index 282.08 +1.51%

• China Blended Corporate Spread Index 310.94 +.06%
• 2-Year Swap Spread 22.5 +1.25 basis points

• TED Spread 21.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.5 -1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 185.0 +2.0 basis points

• China Import Iron Ore Spot $87.90/Metric Tonne +.69%

• Citi US Economic Surprise Index 34.60 +1.7 points

• Citi Emerging Markets Economic Surprise Index -12.70 +.9 point

• 10-Year TIPS Spread 2.13 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +10 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long