Stocks Surging into Final Hour on Less Eurozone Debt Angst, Diminished Global Growth Fears, Oil Rise, Energy/Insurance Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.18 -8.91%

• Euro/Yen Carry Return Index 144.98 -1.08%

• Emerging Markets Currency Volatility(VXY) 9.48 -1.25%

• S&P 500 Implied Correlation 60.56 -3.75%

• ISE Sentiment Index 125.0 +31.58%

• Total Put/Call .58 -34.83%

• NYSE Arms .52 -15.34% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.58 -3.12%

• America Energy Sector High-Yield CDS Index 1,526.0 +1.14%

• European Financial Sector CDS Index 77.26 -3.12%

• Western Europe Sovereign Debt CDS Index 23.39 -1.60%

• Asia Pacific Sovereign Debt CDS Index 61.78 -1.81%

• Emerging Market CDS Index 313.38 -.91%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.18 +.01%

• 2-Year Swap Spread 25.75 +.25 basis point.

• TED Spread 27.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -17.0 unch.

Economic Gauges:

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

• Yield Curve 175.0 +4.0 basis points

• China Import Iron Ore Spot $65.39/Metric Tonne +1.74%

• Citi US Economic Surprise Index -41.20 +1.5 points

• Citi Eurozone Economic Surprise Index 4.0 -1.9 points

• Citi Emerging Markets Economic Surprise Index -17.60 unch.

• 10-Year TIPS Spread 1.89 -1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating +174 open in Japan 
• China A50 Futures: Indicating -231 open in China

• DAX Futures: Indicating +24 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long