Stocks Higher into Final Hour on Central Bank Hopes, Seasonal Strength, Yen Weakness, Biotech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.93 -9.45%

• Euro/Yen Carry Return Index 154.15 -.04%

• Emerging Markets Currency Volatility(VXY) 8.52 +2.53%

• S&P 500 Implied Correlation 67.29 -.53%

• ISE Sentiment Index 121.0 +35.96%

• Total Put/Call 1.16 +19.59%

• NYSE Arms 1.55 +60.57% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.0 -1.31%

• European Financial Sector CDS Index 58.92 -1.03%

• Western Europe Sovereign Debt CDS Index 28.33 -.21%

• Asia Pacific Sovereign Debt CDS Index 62.51 -2.75%

• Emerging Market CDS Index 293.80 +2.05%

• China Blended Corporate Spread Index 328.11 -.20%

• 2-Year Swap Spread 20.25 -.25 basis point

• TED Spread 21.75 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 175.0 +2.0 basis points

• China Import Iron Ore Spot $70.67/Metric Tonne -.62%

• Citi US Economic Surprise Index 7.90 +.1 point

• Citi Eurozone Economic Surprise Index -21.60 -.8 point

• Citi Emerging Markets Economic Surprise Index -4.7 -2.0 points

• 10-Year TIPS Spread 1.79 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating +34 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long