Stocks Slightly Higher into Afternoon on Central Bank Hopes, Less Emerging Markets Debt Angst, Oil Bounce, Gaming/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.96 +.89%

• Euro/Yen Carry Return Index 152.65 +.11%

• Emerging Markets Currency Volatility(VXY) 11.0 -2.22%

• S&P 500 Implied Correlation 65.73 +2.45%

• ISE Sentiment Index 62.0 -58.11%

• Total Put/Call .93 +22.37%

• NYSE Arms .91 +81.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.56 -.77% 
• America Energy Sector High-Yield CDS Index 628.0 +.49%

• European Financial Sector CDS Index 66.0 +.50%

• Western Europe Sovereign Debt CDS Index 29.58 -2.07%
• Asia Pacific Sovereign Debt CDS Index 67.96 -.95%

• Emerging Market CDS Index 329.21 -8.64%

• China Blended Corporate Spread Index 343.21 -1.46%
• 2-Year Swap Spread 22.75 +1.0 basis point

• TED Spread 21.0 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -14.0 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% -1.0 basis point

• Yield Curve 154.0 -3.0 basis points

• China Import Iron Ore Spot $69.17/Metric Tonne +1.10%

• Citi US Economic Surprise Index 31.50 -.1 point
• Citi Eurozone Economic Surprise Index -.8 +1.3 points

• Citi Emerging Markets Economic Surprise Index -12.80 +.1 point

• 10-Year TIPS Spread 1.67 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +184 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long