Stocks Slightly Higher into Final Hour on Central Bank Hopes, Earnings Optimism, Euro Bounce, Tech/Restaurant Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.37 -.88%

• Euro/Yen Carry Return Index 134.95 -.20%

• Emerging Markets Currency Volatility(VXY) 9.99 +.71%

• S&P 500 Implied Correlation 67.84 -.10%

• ISE Sentiment Index 89.0 -28.80%

• Total Put/Call .78 -23.53%

• NYSE Arms 1.0 -16.23% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.47 +.01%

• America Energy Sector High-Yield CDS Index 1,067.0 -.43%

• European Financial Sector CDS Index 73.48 +1.28%

• Western Europe Sovereign Debt CDS Index 26.11 +1.22%

• Asia Pacific Sovereign Debt CDS Index 60.21 +.57%

• Emerging Market CDS Index 292.89 -.12%
  

• iBoxx Offshore RMB China Corporates High Yield Index 117.29 +.17%

• 2-Year Swap Spread 26.0 -.5 basis point

• TED Spread 25.75 +.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.5 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 140.0 -2.0 basis points

• China Import Iron Ore Spot $57.81/Metric Tonne +5.45%

• Citi US Economic Surprise Index -57.70 -.9 point

• Citi Eurozone Economic Surprise Index 20.50 -.1 point

• Citi Emerging Markets Economic Surprise Index -13.4 +.9 point

• 10-Year TIPS Spread 1.90 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +21 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

• Higher: On gains in my tech sector longs and index hedges

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long