Stocks Rising into Final Hour on Less Eurozone Debt Angst, Short-Covering, Yen Weakness, Gaming/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.20 -7.28%

• Euro/Yen Carry Return Index 141.17 +.63%

• Emerging Markets Currency Volatility(VXY) 11.04 +1.56%

• S&P 500 Implied Correlation 67.53 -1.70%

• ISE Sentiment Index 84.0 -11.58%

• Total Put/Call .96 -11.11%

• NYSE Arms .91 -6.04% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.34 -.48%
• America Energy Sector High-Yield CDS Index 713.0 +.4%

• European Financial Sector CDS Index 66.60 -1.84%

• Western Europe Sovereign Debt CDS Index 25.94 -2.02%
• Asia Pacific Sovereign Debt CDS Index 69.31 +.12%

• Emerging Market CDS Index 386.17 +1.64%

• iBoxx Offshore RMB China Corporates High Yield Index 113.42 -.01%
• 2-Year Swap Spread 26.25 unch.

• TED Spread 24.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.0 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 134.0 +3.0 basis points

• China Import Iron Ore Spot $62.38/Metric Tonne +1.93%

• Citi US Economic Surprise Index -28.80 -2.7 points
• Citi Eurozone Economic Surprise Index 31.20 +2.0 points

• Citi Emerging Markets Economic Surprise Index -10.80 +.8 point

• 10-Year TIPS Spread 1.70 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +208 open in Japan

• DAX Futures: Indicating +39 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long