Stocks Slightly HIgher into Final Hour on Central Bank Hopes, Seasonal Strength, Less European Debt Angst, Healthcare/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.29 +.39%

• Euro/Yen Carry Return Index 135.95 +.04%

• Emerging Markets Currency Volatility(VXY) 10.47 unch.

• S&P 500 Implied Correlation 56.61 -1.51%

• ISE Sentiment Index 134.0 unch.

• Total Put/Call 1.30 +26.21%

• NYSE Arms 1.70 +4.34% 

Credit Investor Angst:

• North American Investment Grade CDS Index 84.50 -.06%

• America Energy Sector High-Yield CDS Index 1,320.0 -.05%

• European Financial Sector CDS Index 68.23 +.34%

• Western Europe Sovereign Debt CDS Index 17.77 -4.36%

• Asia Pacific Sovereign Debt CDS Index 69.04 +.75%

• Emerging Market CDS Index 319.33 +.41%
  

• iBoxx Offshore RMB China Corporate High Yield Index 124.14 -.13%

• 2-Year Swap Spread 5.25 +.5 basis point

• TED Spread 22.25 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -53.25 -6.25 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 70.37 -.31%
• 3-Month T-Bill Yield .16% -1.0 basis point

• Yield Curve 130.0 unch.

• China Import Iron Ore Spot $44.50/Metric Tonne +1.18%

• Citi US Economic Surprise Index -15.5 +1.0 point

• Citi Eurozone Economic Surprise Index 28.20 +6.0 points

• Citi Emerging Markets Economic Surprise Index 5.4 +1.4 points

• 10-Year TIPS Spread 1.63 -1.0 basis point
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 1.85 -.03

Overseas Futures:

• Nikkei 225 Futures: Indicating -3 open in Japan 
• China A50 Futures: Indicating -119 open in China

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical/tech sector longs and emerging markets shorts 

• Disclosed Trades: None

• Market Exposure: 50% Net Long