Stocks Rising into Final Hour on Less Eurozone/Emerging Markets/US High-Yield Debt Angst, Central Bank Hopes, Short-Covering, Tech/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.61 -9.41%

• Euro/Yen Carry Return Index 152.36 -.39%

• Emerging Markets Currency Volatility(VXY) 11.15 unch.

• S&P 500 Implied Correlation 63.92 +.55%

• ISE Sentiment Index 145.0 +35.51%

• Total Put/Call .78 -37.10%

• NYSE Arms .90 +145.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.43 -4.67% 
• America Energy Sector High-Yield CDS Index 622.0 -4.41%

• European Financial Sector CDS Index 65.68 -3.94%

• Western Europe Sovereign Debt CDS Index 30.10 -7.47%
• Asia Pacific Sovereign Debt CDS Index 69.12 -3.26%

• Emerging Market CDS Index 352.74 -6.10%

• China Blended Corporate Spread Index 348.30 -1.99%
• 2-Year Swap Spread 21.75 -.25 basis point

• TED Spread 22.25 +1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.5 -1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .04% +2.0 basis points

• Yield Curve 157.0 +3.0 basis points

• China Import Iron Ore Spot $68.42/Metric Tonne +.54%

• Citi US Economic Surprise Index 31.60 +.4 point
• Citi Eurozone Economic Surprise Index -2.10 +.4 point

• Citi Emerging Markets Economic Surprise Index -12.90 +.8 point

• 10-Year TIPS Spread 1.65 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +350 open in Japan

• DAX Futures: Indicating +13 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long