Stocks Rising into Final Hour on Seasonal Strength, Central Bank Hopes, Short-Covering, Biotech/Utilities Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.58 +1.45%

• Euro/Yen Carry Return Index 153.04 -.15%

• Emerging Markets Currency Volatility(VXY) 10.89 -.82%

• S&P 500 Implied Correlation 64.37 -4.17%

• ISE Sentiment Index 111.0 +117.65%

• Total Put/Call .74 unch.

• NYSE Arms 1.08 -7.74% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.08 -.357% 

• America Energy Sector High-Yield CDS Index 633.0 +.16%

• European Financial Sector CDS Index 62.29 +.18%

• Western Europe Sovereign Debt CDS Index 26.68 -.26%

• Asia Pacific Sovereign Debt CDS Index 64.44 -.19%

• Emerging Market CDS Index 325.55 -.04%

• China Blended Corporate Spread Index 338.50 -.36%

• 2-Year Swap Spread 18.5 -.25 basis point

• TED Spread 25.5 +2.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 151.0 -2.0 basis points

• China Import Iron Ore Spot $66.94/Metric Tonne n/a

• Citi US Economic Surprise Index 38.60 unch.

• Citi Eurozone Economic Surprise Index 3.30 +.7 point

• Citi Emerging Markets Economic Surprise Index -13.90 -.2 point

• 10-Year TIPS Spread 1.68 unch.

Overseas Futures:

• Nikkei Futures: Indicating +165 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long