Stocks Slightly Higher into Final Hour on Central bank Hopes, Less Emerging Markets Debt Angst, Short-Covering, Gaming/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.73 -.93%

• Euro/Yen Carry Return Index 140.74 +.14%

• Emerging Markets Currency Volatility(VXY) 9.44 -.11%

• S&P 500 Implied Correlation 60.41 -3.84%

• ISE Sentiment Index 134.0 +5.51%

• Total Put/Call .81 -22.1%

• NYSE Arms .83 -21.4% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.90 +.1%

• America Energy Sector High-Yield CDS Index 1,092.0 +1.41%

• European Financial Sector CDS Index 73.21 +.24%

• Western Europe Sovereign Debt CDS Index 21.87 +.51%

• Asia Pacific Sovereign Debt CDS Index 59.62 +.86%

• Emerging Market CDS Index 284.75 -1.73%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.46 +.20%

• 2-Year Swap Spread 26.0 +.25 basis point

• TED Spread 26.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.0 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% +1.0 basis point

• Yield Curve 167.0 +1.0 basis point

• China Import Iron Ore Spot $57.12/Metric Tonne -2.41%

• Citi US Economic Surprise Index -64.3 +.2 point

• Citi Eurozone Economic Surprise Index -6.20 -1.7 points

• Citi Emerging Markets Economic Surprise Index -13.3 -2.6 points

• 10-Year TIPS Spread 1.90 +2.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating +119 open in Japan 
• China A50 Futures: Indicating -39 open in China

• DAX Futures: Indicating +16 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail sector longs and emerging markets shorts

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

• Market Exposure: Moved to 75% Net Long