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

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 22.23 -1.38%

• Euro/Yen Carry Return Index 142.11 +.26%

• Emerging Markets Currency Volatility(VXY) 11.87 -3.96%

• S&P 500 Implied Correlation 62.81 -.13%

• ISE Sentiment Index 82.0 -40.15%

• Total Put/Call 1.25 +8.70%

• NYSE Arms .44 -13.36% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.80 -1.24%

• America Energy Sector High-Yield CDS Index 1,916.0 -.23%

• European Financial Sector CDS Index 79.31 -5.38%

• Western Europe Sovereign Debt CDS Index 21.03 -3.0%

• Asia Pacific Sovereign Debt CDS Index 80.68 -2.43%

• Emerging Market CDS Index 336.22 -2.42%
  

• iBoxx Offshore RMB China Corporates High Yield Index 118.69 +.14%

• 2-Year Swap Spread 10.75 -.75 basis point

• TED Spread 28.0 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -26.50 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% -1.0 basis point

• Yield Curve 149.0 +1.0 basis point

• China Import Iron Ore Spot $57.21/Metric Tonne -.12%

• Citi US Economic Surprise Index -23.5 +1.2 points

• Citi Eurozone Economic Surprise Index 15.9 -4.5 points

• Citi Emerging Markets Economic Surprise Index -23.0 +1.0 point

• 10-Year TIPS Spread 1.57 +1.0 basis point
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 3.52 -.32

Overseas Futures:

• Nikkei 225 Futures: Indicating +264 open in Japan 
• China A50 Futures: Indicating -105 open in China

• DAX Futures: Indicating +23 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long