Stocks Rising into Final Hour on Oil Bounce, Less Emerging Markets/US High-Yield Debt Angst, Yen Weakness, Biotech/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.26 -5.84%

• Euro/Yen Carry Return Index 140.95 +1.46%

• Emerging Markets Currency Volatility(VXY) 10.71 -.74%

• S&P 500 Implied Correlation 65.54 -1.37%

• ISE Sentiment Index 171.0 +67.65%

• Total Put/Call .90 -4.26%

• NYSE Arms .81 -26.58% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.09 -2.64%
• America Energy Sector High-Yield CDS Index 742.0 -1.38%

• European Financial Sector CDS Index 62.01 -.65%

• Western Europe Sovereign Debt CDS Index 24.88 +.71%
• Asia Pacific Sovereign Debt CDS Index 68.20 -.45%

• Emerging Market CDS Index 382.68 -2.08%

• iBoxx Offshore RMB China Corporates High Yield Index 113.60 unch.
• 2-Year Swap Spread 25.0 +.25 basis point

• TED Spread 24.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.25 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 129.0 +1.0 basis point

• China Import Iron Ore Spot $61.64/Metric Tonne -1.50%

• Citi US Economic Surprise Index -27.20 -14.2 points
• Citi Eurozone Economic Surprise Index 25.70 +4.9 points

• Citi Emerging Markets Economic Surprise Index -4.50 +1.4 points

• 10-Year TIPS Spread 1.69 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +216 open in Japan

• DAX Futures: Indicating -21 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long