Stocks Modestly Higher into Final Hour on Central Bank Hopes, Less European/US High-Yield Debt Angst, Oil Bounce, Biotech/Transport 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) 14.18 -3.80%

• Euro/Yen Carry Return Index 136.18 -.12%

• Emerging Markets Currency Volatility(VXY) 9.83 +.10%

• S&P 500 Implied Correlation 64.30 +.56%

• ISE Sentiment Index 102.0 -5.56%

• Total Put/Call .98 +12.64%

• NYSE Arms .89 -3.87% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.06 -2.66%

• America Energy Sector High-Yield CDS Index 1,094.0 -1.86%

• European Financial Sector CDS Index 66.51 -2.80%

• Western Europe Sovereign Debt CDS Index 21.83 -2.28%

• Asia Pacific Sovereign Debt CDS Index 58.07 -.25%

• Emerging Market CDS Index 302.57 +1.13%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.87 +.17%

• 2-Year Swap Spread 25.25 -1.0 basis point

• TED Spread 25.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.75 +1.0 basis point

Economic Gauges:

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

• Yield Curve 137.0 -4.0 basis points

• China Import Iron Ore Spot $48.06/Metric Tonne +2.08%

• Citi US Economic Surprise Index -55.7 +.8 point

• Citi Eurozone Economic Surprise Index 62.50 -1.2 points

• Citi Emerging Markets Economic Surprise Index 4.6 +.1 point

• 10-Year TIPS Spread 1.87 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +235 open in Japan

• DAX Futures: Indicating +28 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long