Stocks Slightly Higher into Final Hour on US Economic Data, Less Eurozone Debt Angst, Yen Weakness, Financial/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 11.84 -4.36%

• Euro/Yen Carry Return Index 155.78 +.60%

• Emerging Markets Currency Volatility(VXY) 8.73 +2.46%

• S&P 500 Implied Correlation 65.33 -.68%

• ISE Sentiment Index 106.0 -15.22%

• Total Put/Call .99 -3.48%

• NYSE Arms 1.06 -27.61% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.46 +1.06%

• European Financial Sector CDS Index 56.38 -4.03%

• Western Europe Sovereign Debt CDS Index 25.26 -5.11%
• Asia Pacific Sovereign Debt CDS Index 61.64 -.16%

• Emerging Market CDS Index 302.04 +2.80%

• China Blended Corporate Spread Index 327.48 +.45%
• 2-Year Swap Spread 21.25 +.25 basis point

• TED Spread 22.0 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.5 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 167.0 -5.0 basis points

• China Import Iron Ore Spot $71.77/Metric Tonne +.73%

• Citi US Economic Surprise Index 14.90 +2.8 points
• Citi Eurozone Economic Surprise Index -21.40 +4.2 points

• Citi Emerging Markets Economic Surprise Index -4.6 +.3 point

• 10-Year TIPS Spread 1.75 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +109 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long