Stocks Rising into Final Hour on Diminishing Scotland Independence Fears, Yen Weakness, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.06 -3.26%

• Euro/Yen Carry Return Index 143.94 +.33%

• Emerging Markets Currency Volatility(VXY) 7.10 +1.43%

• S&P 500 Implied Correlation 49.58 -2.57%

• ISE Sentiment Index 88.0 +10.0%

• Total Put/Call .92 +4.55%

• NYSE Arms 1.0 -11.63% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.79 -1.20%

• European Financial Sector CDS Index 59.08 +.64%

• Western Europe Sovereign Debt CDS Index 28.56 +2.49%
• Asia Pacific Sovereign Debt CDS Index 63.63 +.78%

• Emerging Market CDS Index 247.61 -.16%

• China Blended Corporate Spread Index 308.22 +.39%
• 2-Year Swap Spread 22.75 +1.0 basis point

• TED Spread 21.25 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -15.25 +.75 basis point

Economic Gauges:

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

• Yield Curve 197.0 +3.0 basis points

• China Import Iron Ore Spot $82.20/Metric Tonne -1.20%

• Citi US Economic Surprise Index 38.40 -.1 point

• Citi Emerging Markets Economic Surprise Index -12.60 -.9 basis point

• 10-Year TIPS Spread 2.11 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +127 open in Japan

• DAX Futures: Indicating +33 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long