Stocks Higher into Final Hour on Diminished Global Growth Worries, Less European Debt Angst, Short-Covering, Tech/Medical Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.45 -4.23%

• Euro/Yen Carry Return Index 142.23 +.61%

• Emerging Markets Currency Volatility(VXY) 9.49 +1.93%

• S&P 500 Implied Correlation 55.91 -1.10%

• ISE Sentiment Index 88.0 unch.

• Total Put/Call .99 +5.32%

• NYSE Arms .93 -8.23% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.02 -.36%

• America Energy Sector High-Yield CDS Index 1,782.0 -.82%

• European Financial Sector CDS Index 73.43 -.40%

• Western Europe Sovereign Debt CDS Index 22.09 -1.34%

• Asia Pacific Sovereign Debt CDS Index 63.74 -.78%

• Emerging Market CDS Index 324.62 -.24%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.98 +.04%

• 2-Year Swap Spread 24.75 +1.75 basis points

• TED Spread 25.0 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .08% unch.

• Yield Curve 154.0 +5.0 basis points

• China Import Iron Ore Spot $56.78/Metric Tonne +2.69%

• Citi US Economic Surprise Index -8.2 +5.8 points

• Citi Eurozone Economic Surprise Index 18.0 +11.9 points

• Citi Emerging Markets Economic Surprise Index -5.0 +3.8 points

• 10-Year TIPS Spread 1.70 unch.
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 4.71 -.77

Overseas Futures:

• Nikkei 225 Futures: Indicating +178 open in Japan 
• China A50 Futures: Indicating -195 open in China

• DAX Futures: Indicating -27 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long