Stocks Rising into Final Hour on Central Bank Hopes, Buyout Speculation, Yen Weakness, Tech/Defense Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.28 -.25%

• Euro/Yen Carry Return Index 140.35 +.37%

• Emerging Markets Currency Volatility(VXY) 9.82 -.91%

• S&P 500 Implied Correlation 60.12 -1.05%

• ISE Sentiment Index 165.0 +44.74%

• Total Put/Call 1.05 +6.06%

• NYSE Arms 1.24 -24.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.75 -.81%
• America Energy Sector High-Yield CDS Index 652.0 +.01%

• European Financial Sector CDS Index 55.77 +2.71%

• Western Europe Sovereign Debt CDS Index 21.58 -4.11%
• Asia Pacific Sovereign Debt CDS Index 60.10 +.71%

• Emerging Market CDS Index 374.33 -.35%

• iBoxx Offshore RMB China Corporates High Yield Index 114.31 -.10%
• 2-Year Swap Spread 25.25 +.5 basis point

• TED Spread 25.75 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -22.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 142.0 +5.0 basis points

• China Import Iron Ore Spot $62.83/Metric Tonne +.43%

• Citi US Economic Surprise Index -49.20 -2.5 points
• Citi Eurozone Economic Surprise Index 58.0 +7.0 points

• Citi Emerging Markets Economic Surprise Index -2.3 +5.0 points

• 10-Year TIPS Spread 1.83 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +98 open in Japan

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long