Stocks Slightly Higher into Afternoon on Greece Deal Hopes, Yen Weakness, Short-Covering, Healthcare/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.63 +6.4%

• Euro/Yen Carry Return Index 142.15 +1.17%

• Emerging Markets Currency Volatility(VXY) 10.61 -4.3%

• S&P 500 Implied Correlation 63.83 -.22%

• ISE Sentiment Index 83.0 -17.0%

• Total Put/Call .98 +2.08%

• NYSE Arms .91 +5.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.84 -.88%
• America Energy Sector High-Yield CDS Index 707.0 -.33%

• European Financial Sector CDS Index 67.11 +.16%

• Western Europe Sovereign Debt CDS Index 27.63 -.74%
• Asia Pacific Sovereign Debt CDS Index 66.52 -.25%

• Emerging Market CDS Index 368.43 +.21%

• iBoxx Offshore RMB China Corporates High Yield Index 113.64 -.01%
• 2-Year Swap Spread 27.75 +1.0 basis point

• TED Spread 25.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 146.0 +8.0 basis points

• China Import Iron Ore Spot $63.02/Metric Tonne -3.46%

• Citi US Economic Surprise Index -45.40 -8.2 points
• Citi Eurozone Economic Surprise Index 47.20 +3.5 points

• Citi Emerging Markets Economic Surprise Index -9.0 -.2 point

• 10-Year TIPS Spread 1.72 +3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +182 open in Japan

• DAX Futures: Indicating +38 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long