Stocks Surging into Final Hour on Quarter-End Window-Dressing, Central Bank Hopes, Yen Weakness, Gaming/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.34 -8.31%

• Euro/Yen Carry Return Index 144.83 +.05%

• Emerging Markets Currency Volatility(VXY) 7.76 +1.57%

• S&P 500 Implied Correlation 49.33 -8.73%

• ISE Sentiment Index 87.0 +26.09%

• Total Put/Call 1.05 -7.89%

• NYSE Arms .75 -64.77% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.61 +3.05%

• European Financial Sector CDS Index 63.24 +3.80%

• Western Europe Sovereign Debt CDS Index 28.08 -1.09%
• Asia Pacific Sovereign Debt CDS Index 68.82 +5.62%

• Emerging Market CDS Index 265.26 +3.40%

• China Blended Corporate Spread Index 310.85 +.87%
• 2-Year Swap Spread 22.75 +.25 basis point

• TED Spread 23.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.0 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 195.0 unch.

• China Import Iron Ore Spot $78.60/Metric Tonne unch.

• Citi US Economic Surprise Index 26.20 -.7 point

• Citi Emerging Markets Economic Surprise Index -16.80 +.4 point

• 10-Year TIPS Spread 1.98 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +220 open in Japan

• DAX Futures: Indicating +53 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long