Stocks Surging into Final Hour on Less Eurozone Debt Angst, Diminished Global Growth Fears, Short-Covering, Biotech/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.96 -2.16%

• Euro/Yen Carry Return Index 141.79 +.32%

• Emerging Markets Currency Volatility(VXY) 10.33 +.78%

• S&P 500 Implied Correlation 62.53 -2.18%

• ISE Sentiment Index 104.0 +9.47%

• Total Put/Call .79 -10.43%

• NYSE Arms 1.18 -20.31% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.29 -1.49%
• America Energy Sector High-Yield CDS Index 689.0 -1.14%

• European Financial Sector CDS Index 61.46 -.92%

• Western Europe Sovereign Debt CDS Index 25.61 +.14%
• Asia Pacific Sovereign Debt CDS Index 65.0 -.46%

• Emerging Market CDS Index 378.42 +1.16%

• iBoxx Offshore RMB China Corporates High Yield Index 113.73 +.02%
• 2-Year Swap Spread 28.5 unch.

• TED Spread 24.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -24.75 -2.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 148.0 -1.0 basis point

• China Import Iron Ore Spot $63.44/Metric Tonne n/a

• Citi US Economic Surprise Index -47.40 +.9 point
• Citi Eurozone Economic Surprise Index 56.1 +10.1 points

• Citi Emerging Markets Economic Surprise Index -11.70 +.2 point

• 10-Year TIPS Spread 1.76 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +188 open in Japan

• DAX Futures: Indicating +73 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long