Stocks Rising into Final Hour on Lower Long-Term Rates, Less European/US High-Yield Debt Angst, Central Bank Hopes, Medical/Tech 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) 12.89 -6.32%

• Euro/Yen Carry Return Index 141.92 +.43%

• Emerging Markets Currency Volatility(VXY) 9.72 -1.32%

• S&P 500 Implied Correlation 63.08 -.63%

• ISE Sentiment Index 244.0 +141.58%

• Total Put/Call .80 -6.98%

• NYSE Arms 1.46 +38.42% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.88 -2.22%

• America Energy Sector High-Yield CDS Index 1,060.0 +.15%

• European Financial Sector CDS Index 73.42 -.95%

• Western Europe Sovereign Debt CDS Index 22.07 -3.50%

• Asia Pacific Sovereign Debt CDS Index 61.32 +1.68%

• Emerging Market CDS Index 290.71 -1.35%
  

• iBoxx Offshore RMB China Corporates High Yield Index 118.78 +.13%

• 2-Year Swap Spread 26.75 unch.

• TED Spread 26.0 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 +.25 basis point

Economic Gauges:

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

• Yield Curve 169.0 -1.0 basis point

• China Import Iron Ore Spot $62.30/Metric Tonne -.45%

• Citi US Economic Surprise Index -62.0 +1.8 points

• Citi Eurozone Economic Surprise Index 2.20 -.3 point

• Citi Emerging Markets Economic Surprise Index -19.0 -.4 point

• 10-Year TIPS Spread 1.88 -1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating +89 open in Japan 
• China A50 Futures: Indicating -136 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long