Stocks Slightly Higher into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Healthcare/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.05 +5.56%

• Euro/Yen Carry Return Index 151.44 -.44%

• Emerging Markets Currency Volatility(VXY) 8.12 -.25%

• S&P 500 Implied Correlation 38.54 -4.51%

• ISE Sentiment Index 109.0 -30.57%

• Total Put/Call .83 -7.78%

• NYSE Arms .85 +3.46% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.34 +1.27%

• European Financial Sector CDS Index 66.83 -.58%

• Western Europe Sovereign Debt CDS Index 31.51 +.32%
• Asia Pacific Sovereign Debt CDS Index 64.25 +.97%

• Emerging Market CDS Index 288.32 +2.35%

• China Blended Corporate Spread Index 323.75 -.06%
• 2-Year Swap Spread 21.25 -.5 basis point

• TED Spread 22.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 183.0 +2.0 basis points

• China Import Iron Ore Spot $75.08/Metric Tonne -.52%

• Citi US Economic Surprise Index 8.40 -7.0 points
• Citi Eurozone Economic Surprise Index -24.0 +2.4 points

• Citi Emerging Markets Economic Surprise Index -2.90 +2.2 points

• 10-Year TIPS Spread 1.87 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +226 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long