Stocks Slightly Higher into Final Hour on Central Bank Hopes, Oil Bounce, Short-Covering, Energy/Defense Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 20.84 +2.06%

• Euro/Yen Carry Return Index 152.91 -.09%

• Emerging Markets Currency Volatility(VXY) 11.41 +5.26%

• S&P 500 Implied Correlation 67.10 -1.25%

• ISE Sentiment Index 109.0 +81.67%

• Total Put/Call .95 -9.52%

• NYSE Arms .63 -53.90% 

Credit Investor Angst:

• North American Investment Grade CDS Index 75.35 +1.24% 

• America Energy Sector High-Yield CDS Index 672.0 +1.04%

• European Financial Sector CDS Index 72.37 +2.18%

• Western Europe Sovereign Debt CDS Index 33.12 +4.58%

• Asia Pacific Sovereign Debt CDS Index 77.25 +3.57%

• Emerging Market CDS Index 417.70 +.08%

• China Blended Corporate Spread Index 345.85 +.20%

• 2-Year Swap Spread 23.25 -.5 basis point

• TED Spread 22.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.25 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% +2.0 basis points

• Yield Curve 151.0 -2.0 basis points

• China Import Iron Ore Spot $68.58/Metric Tonne -.70%

• Citi US Economic Surprise Index 31.40 -3.0 points

• Citi Eurozone Economic Surprise Index -3.0 +16.6 points

• Citi Emerging Markets Economic Surprise Index -13.70 +1.5 points

• 10-Year TIPS Spread 1.64 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +50 open in Japan

• DAX Futures: Indicating -75 open in Germany

Portfolio: 

• Slightly Lower: On losses in my retail/tech sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long