Stocks Surging into Final Hour on Central Bank Hopes, Yen Weakness, Technical Buying, Transport/Gaming 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) 13.14 -5.4%

• Euro/Yen Carry Return Index 133.73 -.41%

• Emerging Markets Currency Volatility(VXY) 9.94 +.51%

• S&P 500 Implied Correlation 67.87 +1.09%

• ISE Sentiment Index 71.0 -16.47%

• Total Put/Call .81 -27.68%

• NYSE Arms 1.32 +16.49% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.49 -2.99%

• America Energy Sector High-Yield CDS Index 1,059.0 +.18%

• European Financial Sector CDS Index 76.53 +1.13%

• Western Europe Sovereign Debt CDS Index 26.20 -1.30%

• Asia Pacific Sovereign Debt CDS Index 60.0 -2.77%

• Emerging Market CDS Index 300.91 -.63%
  

• iBoxx Offshore RMB China Corporates High Yield Index 116.67 +.13%

• 2-Year Swap Spread 26.25 unch.

• TED Spread 26.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 137.0 +1.0 basis point

• China Import Iron Ore Spot $51.57/Metric Tonne +1.26%

• Citi US Economic Surprise Index -54.30 -.1 point

• Citi Eurozone Economic Surprise Index 49.90 -3.5 points

• Citi Emerging Markets Economic Surprise Index -12.5 -1.0 point

• 10-Year TIPS Spread 1.89 unch.

Overseas Futures:

• Nikkei Futures: Indicating +96 open in Japan

• DAX Futures: Indicating -4 open in Germany

Portfolio: 

• Slightly Lower: On losses in my index hedges

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

• Market Exposure: Moved to 50% Net Long