Stocks Slightly Higher into Final Hour on Seasonal Strength, Less European Debt Angst, Short-Covering, Biotech/Airline Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.10 -4.73%

• Euro/Yen Carry Return Index 153.31 -.06%

• Emerging Markets Currency Volatility(VXY) 10.85 -.28%

• S&P 500 Implied Correlation 64.97 -1.77%

• ISE Sentiment Index 51.0 -27.14%

• Total Put/Call .94 +10.59%

• NYSE Arms 1.07 +38.68% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.25 -.35% 

• America Energy Sector High-Yield CDS Index 636.0 +1.1%

• European Financial Sector CDS Index 61.86 -.86%

• Western Europe Sovereign Debt CDS Index 26.76 -3.51%

• Asia Pacific Sovereign Debt CDS Index 64.55 +.01%

• Emerging Market CDS Index 325.69 +.46%

• China Blended Corporate Spread Index 339.71 -1.04%

• 2-Year Swap Spread 18.75 +.25 basis point

• TED Spread 23.5 +1.75 basis points

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

Economic Gauges:

• 3-Month T-Bill Yield .00% -2.0 basis points

• Yield Curve 153.0 +1.0 basis points

• China Import Iron Ore Spot $66.94/Metric Tonne +.15%

• Citi US Economic Surprise Index 38.60 +1.6 points

• Citi Eurozone Economic Surprise Index 2.60 +.5 point

• Citi Emerging Markets Economic Surprise Index -13.70 +.3 point

• 10-Year TIPS Spread 1.68 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +80 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long