Stocks Reversing Higher into Final Hour on Greece Debt Deal Hopes, Short-Covering, Lower Long-Term Rates, Gaming/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.7 -1.88%

• Euro/Yen Carry Return Index 140.44 -.87%

• Emerging Markets Currency Volatility(VXY) 9.25 +3.47%

• S&P 500 Implied Correlation 59.63 -3.40%

• ISE Sentiment Index 61.0 -42.45%

• Total Put/Call 1.32 +23.36%

• NYSE Arms .95 -34.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.67 +.41%

• America Energy Sector High-Yield CDS Index 1,268.0 +1.72%

• European Financial Sector CDS Index 100.76 +3.56%

• Western Europe Sovereign Debt CDS Index 31.85 +7.73%

• Asia Pacific Sovereign Debt CDS Index 61.83 +2.14%

• Emerging Market CDS Index 317.08 +1.31%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.75 -.15%

• 2-Year Swap Spread 25.50 -1.0 basis point

• TED Spread 27.5 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .01% +1.0 basis point

• Yield Curve 167.0 -3.0 basis points

• China Import Iron Ore Spot $49.60/Metric Tonne -5.13%

• Citi US Economic Surprise Index -21.5 +2.1 points

• Citi Eurozone Economic Surprise Index -6.7 -.2 point

• Citi Emerging Markets Economic Surprise Index -18.60 -.4 point

• 10-Year TIPS Spread 1.89 -3.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating -6 open in Japan 
• China A50 Futures: Indicating -759 open in China

• DAX Futures: Indicating +157 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long