Stocks Surging into Final Hour on Less Eurozone/Emerging Markets/US High-Yield Debt Angst, Oil Bounce, Short-Covering, Energy/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.93 -7.72%

• Euro/Yen Carry Return Index 141.08 +1.21%

• Emerging Markets Currency Volatility(VXY) 10.72 -2.01%

• S&P 500 Implied Correlation 65.01 +.40%

• ISE Sentiment Index 67.0 -31.6%

• Total Put/Call .96 -9.43%

• NYSE Arms .52 -11.29% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.22 -3.04%
• America Energy Sector High-Yield CDS Index 768.0 -.11%

• European Financial Sector CDS Index 62.75 -5.97%

• Western Europe Sovereign Debt CDS Index 25.42 -3.49%
• Asia Pacific Sovereign Debt CDS Index 68.78 -1.72%

• Emerging Market CDS Index 383.48 -4.88%

• iBoxx Offshore RMB China Corporates High Yield Index 113.50 +.02%
• 2-Year Swap Spread 25.0 +1.25 basis points

• TED Spread 24.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -15.25 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 127.0 +7.0 basis points

• China Import Iron Ore Spot $63.18/Metric Tonne +1.17%

• Citi US Economic Surprise Index -13.0 -4.5 points
• Citi Eurozone Economic Surprise Index 12.60 +.6 point

• Citi Emerging Markets Economic Surprise Index -5.90 -.7 point

• 10-Year TIPS Spread 1.70 +6.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +245 open in Japan

• DAX Futures: Indicating +24 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long