Stocks Higher into Final Hour on Central Bank Hopes, Less Eurozone Debt Angst, Yen Weakness, Commodity/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.43 -3.27%

• Euro/Yen Carry Return Index 154.06 -.06%

• Emerging Markets Currency Volatility(VXY) 8.53 +.12%

• S&P 500 Implied Correlation 65.96 -.48%

• ISE Sentiment Index 161.0 +35.28%

• Total Put/Call .76 -32.74%

• NYSE Arms .79 -44.43% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.75 -.61%

• European Financial Sector CDS Index 58.23 -1.16%

• Western Europe Sovereign Debt CDS Index 26.75 -5.59%
• Asia Pacific Sovereign Debt CDS Index 61.71 -1.43%

• Emerging Market CDS Index 291.80 -.50%

• China Blended Corporate Spread Index 327.96 -.05%
• 2-Year Swap Spread 21.0 +.75 basis point

• TED Spread 22.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -12.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 173.0 -2.0 basis points

• China Import Iron Ore Spot $69.25/Metric Tonne -2.01%

• Citi US Economic Surprise Index 12.20 +4.3 points
• Citi Eurozone Economic Surprise Index -26.20 -4.6 points

• Citi Emerging Markets Economic Surprise Index -4.2 +.5 point

• 10-Year TIPS Spread 1.80 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +149 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long