Stocks Rising into Final Hour on Central Bank Hopes, Oil/Euro Strength, Short-Covering, Commodity/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.0 -4.90%

• Euro/Yen Carry Return Index 132.66 -.16%

• Emerging Markets Currency Volatility(VXY) 9.77 +1.56%

• S&P 500 Implied Correlation 67.17 +2.61%

• ISE Sentiment Index 90.0 -11.76%

• Total Put/Call .78 -28.44%

• NYSE Arms .90 +8.76% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.44 -2.21%

• America Energy Sector High-Yield CDS Index 1,131.0 +2.14%

• European Financial Sector CDS Index 65.35 unch.

• Western Europe Sovereign Debt CDS Index 23.03 +.59%

• Asia Pacific Sovereign Debt CDS Index 59.58 +.97%

• Emerging Market CDS Index 297.24 +.03%
  

• iBoxx Offshore RMB China Corporates High Yield Index 116.16 +.06%

• 2-Year Swap Spread 26.5 -.25 basis point

• TED Spread 26.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 139.0 unch.

• China Import Iron Ore Spot $50.33/Metric Tonne -.89%

• Citi US Economic Surprise Index -49.0 -1.0 point

• Citi Eurozone Economic Surprise Index 55.30 -.4 point

• Citi Emerging Markets Economic Surprise Index -13.2 -6.6 points

• 10-Year TIPS Spread 1.83 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +11 open in Japan

• DAX Futures: Indicating +13 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long