Stocks Surging into Final Hour on Central Bank Hopes, Greece Debt Deal Optimism, Less Emerging Markets/US High-Yield Debt Angst, Biotech/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 13.15 -9.31%

• Euro/Yen Carry Return Index 146.12 -.04%

• Emerging Markets Currency Volatility(VXY) 8.95 -2.08%

• S&P 500 Implied Correlation 62.10 -.94%

• ISE Sentiment Index 81.0 -22.86%

• Total Put/Call .91 +7.06%

• NYSE Arms .82 +14.16% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.51 -3.59%

• America Energy Sector High-Yield CDS Index 1,557.0 -1.38%

• European Financial Sector CDS Index 91.15 +1.36%

• Western Europe Sovereign Debt CDS Index 28.86 +3.81%

• Asia Pacific Sovereign Debt CDS Index 61.82 -.81%

• Emerging Market CDS Index 306.70 -2.48%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.47 +.03%

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

• TED Spread 28.5 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.75 -.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 170.0 +5.0 basis points

• China Import Iron Ore Spot $61.77/Metric Tonne +.42%

• Citi US Economic Surprise Index -35.80 -2.9 points

• Citi Eurozone Economic Surprise Index -1.90 -.7 point

• Citi Emerging Markets Economic Surprise Index -16.50 +2.0 points

• 10-Year TIPS Spread 1.91 -1.0 basis point

Overseas Futures:

• Nikkei 225 Futures: Indicating +179 open in Japan 
• China A50 Futures: Indicating -130 open in China

• DAX Futures: Indicating +63 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long