Stocks Higher into Final Hour on China Bounce, Greece Debt Deal Hopes, Short-Covering, Energy/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 19.0 -3.36%

• Euro/Yen Carry Return Index 139.60 -.04%

• Emerging Markets Currency Volatility(VXY) 9.18 -1.92%

• S&P 500 Implied Correlation 61.51 -.55%

• ISE Sentiment Index 88.0 +20.5%

• Total Put/Call 1.15 -20.14%

• NYSE Arms .66 -79.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.50 -1.0%

• America Energy Sector High-Yield CDS Index 1,268.0 -.76%

• European Financial Sector CDS Index 91.70 -6.99%

• Western Europe Sovereign Debt CDS Index 30.46 -7.35%

• Asia Pacific Sovereign Debt CDS Index 61.21 -5.02%

• Emerging Market CDS Index 310.72 -2.90%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.13 -.51%

• 2-Year Swap Spread 25.25 -.25 basis point

• TED Spread 27.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.75 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 172.0 +6.0 basis points

• China Import Iron Ore Spot $48.99/Metric Tonne +9.87%

• Citi US Economic Surprise Index -22.9 -2.2 points

• Citi Eurozone Economic Surprise Index -6.1 +.3 point

• Citi Emerging Markets Economic Surprise Index -17.50 +.5 point

• 10-Year TIPS Spread 1.86 +1.0 basis point

• # of Months to 1st Fed Rate Hike(Morgan Stanley) 7.87 +.38

Overseas Futures:

• Nikkei 225 Futures: Indicating -110 open in Japan 

• China A50 Futures: Indicating -474 open in China

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

• Slightly Lower: On losses in my index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long