Stocks Rising into Final Hour on Central Bank Hopes, Euro/Oil Gains, Short-Covering, Energy/Metals & Mining Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.55 -1.26%

• Euro/Yen Carry Return Index 135.10 +.57%

• Emerging Markets Currency Volatility(VXY) 9.91 -.10%

• S&P 500 Implied Correlation 66.46 -.46%

• ISE Sentiment Index 107.0 -33.54%

• Total Put/Call 1.0 +7.53%

• NYSE Arms 1.02 +81.12% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.36 -.49%

• America Energy Sector High-Yield CDS Index 1,071.0 +.98%

• European Financial Sector CDS Index 72.54 -.98%

• Western Europe Sovereign Debt CDS Index 25.80 -3.53%

• Asia Pacific Sovereign Debt CDS Index 59.98 +.65%

• Emerging Market CDS Index 292.86 -1.61%
  

• iBoxx Offshore RMB China Corporates High Yield Index 117.09 +.08%

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

• TED Spread 25.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 142.0 -1.0 basis point

• China Import Iron Ore Spot $54.82/Metric Tonne +1.44%

• Citi US Economic Surprise Index -56.80 -5.4 points

• Citi Eurozone Economic Surprise Index 20.60 -26.0 points

• Citi Emerging Markets Economic Surprise Index -14.4 -1.3 points

• 10-Year TIPS Spread 1.89 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +5 open in Japan

• DAX Futures: Indicating +100 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long