Stocks Slightly Higher into Final Hour on Greece Debt Deal Optimism, Less Eurozone/Emerging Markets Debt Angst, Short-Covering, Retail/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.19 -4.32%

• Euro/Yen Carry Return Index 144.65 -1.01%

• Emerging Markets Currency Volatility(VXY) 8.88 +.23%

• S&P 500 Implied Correlation 61.19 -2.63%

• ISE Sentiment Index 92.0 -36.99%

• Total Put/Call .95 +7.95%

• NYSE Arms .68 -8.27% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.48 +.35%

• America Energy Sector High-Yield CDS Index 1,534.0 +.79%

• European Financial Sector CDS Index 75.33 -3.61%

• Western Europe Sovereign Debt CDS Index 22.07 -11.46%

• Asia Pacific Sovereign Debt CDS Index 57.0 -.87%

• Emerging Market CDS Index 297.49 -1.97%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.74 +.06%

• 2-Year Swap Spread 24.25 -.5 basis point

• TED Spread 28.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 unch.

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 173.0 +2.0 basis points

• China Import Iron Ore Spot $61.34/Metric Tonne +2.2%

• Citi US Economic Surprise Index -36.80 +1.2 points

• Citi Eurozone Economic Surprise Index 13.5 +20.1 points

• Citi Emerging Markets Economic Surprise Index -15.70 +.5 point

• 10-Year TIPS Spread 1.94 +1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating +116 open in Japan 
• China A50 Futures: Indicating -71 open in China

• DAX Futures: Indicating +16 open in Germany

Portfolio: 

• Slightly Lower: On losses in my medical sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long