Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Oil Bounce, Commodity/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 27.0 -10.95%

• Euro/Yen Carry Return Index 142.04 +.20%

• Emerging Markets Currency Volatility(VXY) 11.72 -5.48%

• S&P 500 Implied Correlation 57.75 +5.92%

• ISE Sentiment Index 86.0 +.7%

• Total Put/Call 1.15 +10.58%

• NYSE Arms .35 -8.83% 

Credit Investor Angst:

• North American Investment Grade CDS Index 79.28 -3.72%

• America Energy Sector High-Yield CDS Index 1,924.0 -.06%

• European Financial Sector CDS Index 79.34 -6.06%

• Western Europe Sovereign Debt CDS Index 22.95 -3.67%

• Asia Pacific Sovereign Debt CDS Index 79.09 -.97%

• Emerging Market CDS Index 342.32 -5.75%
  

• iBoxx Offshore RMB China Corporates High Yield Index 117.20 +.04%

• 2-Year Swap Spread 14.5 +.5 basis point

• TED Spread 28.0 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -20.5 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 149.0 -1.0 basis point

• China Import Iron Ore Spot $53.93/Metric Tonne +.48%

• Citi US Economic Surprise Index -2.7 +6.6 points

• Citi Eurozone Economic Surprise Index 18.1 +.7 point

• Citi Emerging Markets Economic Surprise Index -7.9 unch.

• 10-Year TIPS Spread 1.59 +5.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.92 -.63

Overseas Futures:

• Nikkei 225 Futures: Indicating +351 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

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

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long