Stocks Slightly Higher into Final Hour on Mostly Dovish Fed Commentary, Yen Weakness, Short-Covering, Homebuilding/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.07 -5.18%

• Euro/Yen Carry Return Index 145.54 +.40%

• Emerging Markets Currency Volatility(VXY) 7.21 -2.57%

• S&P 500 Implied Correlation 43.49 -6.52%

• ISE Sentiment Index 135.0 +64.63%

• Total Put/Call .98 +11.36%

• NYSE Arms .96 +50.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.29 -3.10%

• European Financial Sector CDS Index 58.60 -3.31%

• Western Europe Sovereign Debt CDS Index 28.20 -.60%
• Asia Pacific Sovereign Debt CDS Index 64.41 -1.52%

• Emerging Market CDS Index 247.67 +1.72%

• China Blended Corporate Spread Index 309.17 +.15%
• 2-Year Swap Spread 24.0 unch.

• TED Spread 22.50 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -13.0 -.25 basis point

Economic Gauges:

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

• Yield Curve 206.0 +1.0 basis point

• China Import Iron Ore Spot $84.20/Metric Tonne -.36%

• Citi US Economic Surprise Index 20.80 -11.0 points

• Citi Emerging Markets Economic Surprise Index -21.90 +.1 basis point

• 10-Year TIPS Spread 2.06 -6.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +97 open in Japan

• DAX Futures: Indicating +32 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long