Stocks Slightly Higher into Final Hour on Central Bank Hopes, Seasonal Strength, Yen Weakness, Gaming/Utililty Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line:  About Even
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.47 +6.69%

• Euro/Yen Carry Return Index 153.25 +.07%

• Emerging Markets Currency Volatility(VXY) 10.84 +.46%

• S&P 500 Implied Correlation 65.06 +.84%

• ISE Sentiment Index 63.0 -34.38%

• Total Put/Call .82 +13.89%

• NYSE Arms .86 -7.08% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.49 +1.87% 
• America Energy Sector High-Yield CDS Index 635.0 +.25%

• European Financial Sector CDS Index 63.60 +2.11%

• Western Europe Sovereign Debt CDS Index 27.55 +3.26%
• Asia Pacific Sovereign Debt CDS Index 63.62 -1.27%

• Emerging Market CDS Index 330.63 +1.56%

• China Blended Corporate Spread Index 340.67 +.64%
• 2-Year Swap Spread 19.25 +.75 basis point

• TED Spread 25.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 150.0 -1.0 basis point

• China Import Iron Ore Spot $68.71/Metric Tonne +2.03%

• Citi US Economic Surprise Index 40.0 +1.4 points
• Citi Eurozone Economic Surprise Index 5.10 +1.4 points

• Citi Emerging Markets Economic Surprise Index -13.50 +.4 point

• 10-Year TIPS Spread 1.65 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating -7 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long