Stocks Higher into Final Hour on Oil Bounce, Short-Covering, Bargain-Hunting, Commodity/Construction Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 21.31 +1.62%

• Euro/Yen Carry Return Index 139.03 +.37%

• Emerging Markets Currency Volatility(VXY) 10.98 +.18%

• S&P 500 Implied Correlation 67.50 -1.56%

• ISE Sentiment Index 98.0 unch.

• Total Put/Call 1.07 -4.46%

• NYSE Arms .67 -52.67% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.16 -.28%
• America Energy Sector High-Yield CDS Index 768.0 +.37%

• European Financial Sector CDS Index 66.73 -2.63%

• Western Europe Sovereign Debt CDS Index 26.33 +4.61%
• Asia Pacific Sovereign Debt CDS Index 71.21 -.18%

• Emerging Market CDS Index 401.26 -.88%

• iBoxx Offshore RMB China Corporates High Yield Index 113.47 -.01%
• 2-Year Swap Spread 23.75 -.25 basis point

• TED Spread 24.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.5 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 120.0 unch.

• China Import Iron Ore Spot $62.45/Metric Tonne +.39%

• Citi US Economic Surprise Index -8.50 -4.45 points
• Citi Eurozone Economic Surprise Index 12.0 +2.0 points

• Citi Emerging Markets Economic Surprise Index -5.20 -.4 point

• 10-Year TIPS Spread 1.64 unch.

Overseas Futures:

• Nikkei Futures: Indicating +37 open in Japan

• DAX Futures: Indicating -12 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long