Stocks Slightly Higher into Final Hour on Central Bank Hopes, Less European Debt Angst, Yen Weakness, Retail/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.56 -2.64%

• Euro/Yen Carry Return Index 153.62 +.77%

• Emerging Markets Currency Volatility(VXY) 7.66 -1.42%

• S&P 500 Implied Correlation 30.38 +.3%

• ISE Sentiment Index 121.0 +45.78%

• Total Put/Call .74 unch.

• NYSE Arms 1.50 +172.33% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.74 -3.16%

• European Financial Sector CDS Index 62.50 -2.85%

• Western Europe Sovereign Debt CDS Index 28.55 -7.0%
• Asia Pacific Sovereign Debt CDS Index 62.61 -2.0%

• Emerging Market CDS Index 270.80 +.32%

• China Blended Corporate Spread Index 324.71 -.75%
• 2-Year Swap Spread 22.25 +.5 basis point

• TED Spread 23.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -9.5 +.25 basis point

Economic Gauges:

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

• Yield Curve 181.0 unch.

• China Import Iron Ore Spot $70.42/Metric Tonne +.16%

• Citi US Economic Surprise Index 13.40 -6.5 points
• Citi Eurozone Economic Surprise Index -25.30 +10.7 points

• Citi Emerging Markets Economic Surprise Index 0.0 +1 point

• 10-Year TIPS Spread 1.88 unch.

Overseas Futures:

• Nikkei Futures: Indicating +158 open in Japan

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long