Stocks Sighltly Higher into Final Hour on Less European/Emerging Markets Debt Angst, Diminished Global Growth Fears, Technical Buying, Transport/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 13.80 -.29%

• Euro/Yen Carry Return Index 128.64 -.13%

• Emerging Markets Currency Volatility(VXY) 11.35 +.18%

• S&P 500 Implied Correlation 56.46 +1.18%

• ISE Sentiment Index 81.0 -19.8%

• Total Put/Call .86 +43.33%

• NYSE Arms .86 -14.57% 

Credit Investor Angst:

• North American Investment Grade CDS Index 78.39 -.78%
  

• America Energy Sector High-Yield CDS Index 1,255.0 -12.34%

• European Financial Sector CDS Index 88.46 -5.8%

• Western Europe Sovereign Debt CDS Index 26.61 -3.53%

• Asia Pacific Sovereign Debt CDS Index 55.84 -1.08%

• Emerging Market CDS Index 281.49 -1.66%
  

• iBoxx Offshore RMB China Corporate High Yield Index 127.31 +.01%

• 2-Year Swap Spread 12.0 unch.
  

• TED Spread 40.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.50 +1.5 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.74 -.04%
• 3-Month T-Bill Yield .22% unch.
  

• Yield Curve 102.0 unch.
  

• China Import Iron Ore Spot $59.38/Metric Tonne -1.82%

• Citi US Economic Surprise Index -8.20 -3.4 points

• Citi Eurozone Economic Surprise Index -26.30 +.8 point

• Citi Emerging Markets Economic Surprise Index 13.7 unch.

• 10-Year TIPS Spread 1.57% unch.
  
• 17.3% chance of Fed rate hike at June 15 meeting, 28.4% chance at July 27 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -46 open in Japan 
• China A50 Futures: Indicating +25 open in China

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Slightly Lower: On losses in my tech/retail sector longs
  

• Disclosed Trades: None

• Market Exposure: 50% Net Long