Stocks Slightly Higher into Final Hour on Less European/Emerging Markets Debt Angst, Central Bank Hopes, Oil Bounce, Commodity/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.21 -.85%

• Euro/Yen Carry Return Index 141.26 -.38%

• Emerging Markets Currency Volatility(VXY) 11.16 -1.41%

• S&P 500 Implied Correlation 64.02 +.38%

• ISE Sentiment Index 110.0 -14.06%

• Total Put/Call .98 +13.95%

• NYSE Arms .89 +37.80% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.23 -1.27%
• America Energy Sector High-Yield CDS Index 709.0 -1.28%

• European Financial Sector CDS Index 63.96 -2.81%

• Western Europe Sovereign Debt CDS Index 26.44 -2.07%
• Asia Pacific Sovereign Debt CDS Index 68.21 unch.

• Emerging Market CDS Index 366.93 -1.68%

• iBoxx Offshore RMB China Corporates High Yield Index 113.32 +.02%
• 2-Year Swap Spread 26.75 unch.

• TED Spread 25.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 138.0 +2.0 basis points

• China Import Iron Ore Spot $63.19/Metric Tonne +1.48%

• Citi US Economic Surprise Index -37.20 -.3 point
• Citi Eurozone Economic Surprise Index 43.70 +12.6 points

• Citi Emerging Markets Economic Surprise Index -8.80 -.6 point

• 10-Year TIPS Spread 1.69 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +165 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long