Stocks Surging into Final Hour on Commodity Bounce, Central Bank Hopes, Short-Covering, Transport/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.42 -13.97%

• Euro/Yen Carry Return Index 142.67 -.09%

• Emerging Markets Currency Volatility(VXY) 9.23 -.22%

• S&P 500 Implied Correlation 58.98 -3.89%

• ISE Sentiment Index 75.0 -9.64%

• Total Put/Call .98 -19.01%

• NYSE Arms .49 -59.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.02 -3.01%

• America Energy Sector High-Yield CDS Index 1,642.0 +.74%

• European Financial Sector CDS Index 74.18 -1.40%

• Western Europe Sovereign Debt CDS Index 22.87 +1.28%

• Asia Pacific Sovereign Debt CDS Index 62.03 -2.08%

• Emerging Market CDS Index 318.72 -2.45%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.76 +.03%

• 2-Year Swap Spread 24.75 -.5 basis point

• TED Spread 25.25 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% +2.0 basis points

• Yield Curve 158.0 unch.

• China Import Iron Ore Spot $53.45/Metric Tonne +2.1%

• Citi US Economic Surprise Index -15.8 -5.3 points

• Citi Eurozone Economic Surprise Index -3.4 +.3 point

• Citi Emerging Markets Economic Surprise Index -13.9 -.3 point

• 10-Year TIPS Spread 1.75 +2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.46 +.23

Overseas Futures:

• Nikkei 225 Futures: Indicating +60 open in Japan 
• China A50 Futures: Indicating -48 open in China

• DAX Futures: Indicating +36 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long