Stocks Higher into Final Hour on China Bounce, Oil Gain, Bargain-Hunting, Tech/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 20.83 -6.51%

• Euro/Yen Carry Return Index 140.92 -.51%

• Emerging Markets Currency Volatility(VXY) 11.86 +.42%

• S&P 500 Implied Correlation 65.29 +1.70%

• ISE Sentiment Index 152.0 +181.48%

• Total Put/Call 1.03 +8.85%

• NYSE Arms 1.01 -62.09% 

Credit Investor Angst:

• North American Investment Grade CDS Index 81.46 +3.82% (new series)

• America Energy Sector High-Yield CDS Index n/a

• European Financial Sector CDS Index 84.84 +8.77% (new series)

• Western Europe Sovereign Debt CDS Index 20.27 -.73%

• Asia Pacific Sovereign Debt CDS Index 76.50 -2.34%

• Emerging Market CDS Index 347.49 +2.79%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.42 +.25%

• 2-Year Swap Spread 11.75 -1.0 basis point

• TED Spread 33.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -26.0 -2.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield -.02% -1.0 basis point

• Yield Curve 149.0 +3.0 basis points

• China Import Iron Ore Spot $57.30/Metric Tonne -.68%

• Citi US Economic Surprise Index -27.7 -.3 point

• Citi Eurozone Economic Surprise Index 11.7 -2.8 points

• Citi Emerging Markets Economic Surprise Index -22.6 +1.1 points

• 10-Year TIPS Spread 1.56 unch.
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 5.54 +.5

Overseas Futures:

• Nikkei 225 Futures: Indicating -35 open in Japan 
• China A50 Futures: Indicating +6 open in China

• DAX Futures: Indicating -1 open in Germany

Portfolio: 

• Lower: On losses in my biotech sector longs and index hedges

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, took profits in some biotech sector longs

• Market Exposure: Moved to 50% Net Long