Stocks Rising Slightly into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Road&Rail/Retail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.19 +.14%

• Euro/Yen Carry Return Index 148.67 -.54%

• Emerging Markets Currency Volatility(VXY) 8.41 +2.94%

• S&P 500 Implied Correlation 47.04 -3.61%

• ISE Sentiment Index 104.0 +20.93%

• Total Put/Call .89 +1.14%

• NYSE Arms .89 +17.40% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.02 +.29%

• European Financial Sector CDS Index 66.50 -2.42%

• Western Europe Sovereign Debt CDS Index 31.23 -3.31%
• Asia Pacific Sovereign Debt CDS Index 64.05 +.83%

• Emerging Market CDS Index 266.80 +3.46%

• China Blended Corporate Spread Index 322.12 -.26%
• 2-Year Swap Spread 21.5 +.25 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -12.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 184.0 +2.0 basis points

• China Import Iron Ore Spot $75.38/Metric Tonne -1.41%

• Citi US Economic Surprise Index 16.20 +1.0 point
• Citi Eurozone Economic Surprise Index -31.40 -2.0 points

• Citi Emerging Markets Economic Surprise Index -13.10 +1.8 points

• 10-Year TIPS Spread 1.94 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +168 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long