Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Seasonal Optimism, Financial/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.70 -4.64%

• Euro/Yen Carry Return Index 138.94 -.69%

• Emerging Markets Currency Volatility(VXY) 10.92 +2.92%

• S&P 500 Implied Correlation 57.32 -3.13%

• ISE Sentiment Index 67.0 +1.52%

• Total Put/Call 1.22 +34.07%

• NYSE Arms .60 -16.24% 

Credit Investor Angst:

• North American Investment Grade CDS Index 86.64 +.84%

• America Energy Sector High-Yield CDS Index 1,557.0 -2.56%

• European Financial Sector CDS Index 73.32 +1.36%

• Western Europe Sovereign Debt CDS Index 16.43 -.60%

• Asia Pacific Sovereign Debt CDS Index 72.85 +1.62%

• Emerging Market CDS Index 354.60 +3.35%
  

• iBoxx Offshore RMB China Corporate High Yield Index 123.63 -.21%

• 2-Year Swap Spread 10.75 -.25 basis point

• TED Spread 24.25 +4.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -38.0 -6.0 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 69.65 -.42%
• 3-Month T-Bill Yield .23% -1.0 basis point

• Yield Curve 129.0 -1.0 basis point

• China Import Iron Ore Spot $38.52/Metric Tonne -1.43%

• Citi US Economic Surprise Index -23.80 -1.4 points

• Citi Eurozone Economic Surprise Index 16.20 -.4 point

• Citi Emerging Markets Economic Surprise Index 11.90 +.8 basis point

• 10-Year TIPS Spread 1.53 -2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) .88 -.04

Overseas Futures:

• Nikkei 225 Futures: Indicating +134 open in Japan 
• China A50 Futures: Indicating -288 open in China

• DAX Futures: Indicating +43 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long