Stocks Close Slightly Higher on Central Bank Hopes, Seasonal Strength, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.o7 -1.47%

• Euro/Yen Carry Return Index 153.65 -.02%

• Emerging Markets Currency Volatility(VXY) 7.63 +.66%

• S&P 500 Implied Correlation 30.38 n/a

• ISE Sentiment Index 114.0 +2.70%

• Total Put/Call .84 -13.40%

• NYSE Arms .29 -28.42% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.30 -.71%

• European Financial Sector CDS Index 62.25 -.60%

• Western Europe Sovereign Debt CDS Index 29.79 +2.87%
• Asia Pacific Sovereign Debt CDS Index 62.63 +.16%

• Emerging Market CDS Index 269.75 +.42%

• China Blended Corporate Spread Index 323.88 +.34%
• 2-Year Swap Spread 20.25 +1.0 basis point

• TED Spread 22.0 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1 basis point

• Yield Curve 173.0 -2.0 basis points

• China Import Iron Ore Spot $68.49/Metric Tonne -1.57%

• Citi US Economic Surprise Index 6.20 -10.2 points
• Citi Eurozone Economic Surprise Index -22.90 +.8 point

• Citi Emerging Markets Economic Surprise Index .8 +.5 point

• 10-Year TIPS Spread 1.84 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating -28 open in Japan

• DAX Futures: Indicating +3 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long