Stocks Higher into Final Hour on Less European/US High-Yield Debt Angst, Technical Buying, Short-Covering, Biotech/Restaurant 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) 12.73 -2.75%

• Euro/Yen Carry Return Index 133.13 -.84%

• Emerging Markets Currency Volatility(VXY) 9.97 +.81%

• S&P 500 Implied Correlation 61.91 -2.23%

• ISE Sentiment Index 106.0 -13.82%

• Total Put/Call .77 -24.51%

• NYSE Arms .72 -3.92% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.50 -.18%

• America Energy Sector High-Yield CDS Index 1,113.0 +1.45%

• European Financial Sector CDS Index 62.46 -4.06%

• Western Europe Sovereign Debt CDS Index 21.91 -.07%

• Asia Pacific Sovereign Debt CDS Index 58.32 +.06%

• Emerging Market CDS Index 297.59 +1.01%
  

• iBoxx Offshore RMB China Corporates High Yield Index 115.24 +.17%

• 2-Year Swap Spread 26.50 +.5 basis point

• TED Spread 25.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 139.0 -2.0 basis points

• China Import Iron Ore Spot $47.53/Metric Tonne -1.68%

• Citi US Economic Surprise Index -52.20 +1.3 points

• Citi Eurozone Economic Surprise Index 56.90 +.5 point

• Citi Emerging Markets Economic Surprise Index 9.0 +3.8 points

• 10-Year TIPS Spread 1.82 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +167 open in Japan

• DAX Futures: Indicating +37 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long