Stocks Higher into Final Hour on Buyout Speculation, Diminishing Global Growth Fears, Technical Buying, Energy/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.73 -1.79%

• Euro/Yen Carry Return Index 134.15 -.82%

• Emerging Markets Currency Volatility(VXY) 9.79 +1.77%

• S&P 500 Implied Correlation 62.75 -2.27%

• ISE Sentiment Index 121.0 -5.47%

• Total Put/Call .97 +2.11%

• NYSE Arms .76 -36.86% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.62 +.31%

• America Energy Sector High-Yield CDS Index 1,080.0 -2.43%

• European Financial Sector CDS Index 65.09 -1.21%

• Western Europe Sovereign Debt CDS Index 21.93 +.16%

• Asia Pacific Sovereign Debt CDS Index 58.28 +.66%

• Emerging Market CDS Index 294.42 +.48%
  

• iBoxx Offshore RMB China Corporates High Yield Index 115.05 -.02%

• 2-Year Swap Spread 26.0 +1.25 basis points

• TED Spread 25.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.25 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 141.0 +4.0 basis points

• China Import Iron Ore Spot $48.34/Metric Tonne +.60%

• Citi US Economic Surprise Index -53.50 +1.5 points

• Citi Eurozone Economic Surprise Index 57.40 -.2 point

• Citi Emerging Markets Economic Surprise Index 5.2 unch.

• 10-Year TIPS Spread 1.84 unch.

Overseas Futures:

• Nikkei Futures: Indicating +143 open in Japan

• DAX Futures: Indicating +72 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long