Stocks Higher into Final Hour on US Economic Data, Yen Weakness, Short-Covering, Retail/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.18 -2.43%

• Euro/Yen Carry Return Index 154.03 +.57%

• Emerging Markets Currency Volatility(VXY) 9.25 +1.76%

• S&P 500 Implied Correlation 70.19 +4.03%

• ISE Sentiment Index 53.0 -36.90%

• Total Put/Call .99 +3.13%

• NYSE Arms 1.18 -65.05% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.61 +.29% 

• America Energy Sector High-Yield CDS Index 628.0 +4.13%

• European Financial Sector CDS Index 61.88 +.99%

• Western Europe Sovereign Debt CDS Index 30.72 +3.31%

• Asia Pacific Sovereign Debt CDS Index 65.82 -.81%

• Emerging Market CDS Index 351.28 +.25%

• China Blended Corporate Spread Index 336.50 +1.73%

• 2-Year Swap Spread 23.0 unch.

• TED Spread 21.50 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.50 -1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 158.0 -1.0 basis point

• China Import Iron Ore Spot $69.37/Metric Tonne +.33%

• Citi US Economic Surprise Index 24.80 +6.7 points

• Citi Eurozone Economic Surprise Index -20.60 -1.2 points

• Citi Emerging Markets Economic Surprise Index -6.2 +.9 point

• 10-Year TIPS Spread 1.71 unch.

Overseas Futures:

• Nikkei Futures: Indicating +198 open in Japan

• DAX Futures: Indicating -40 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long