Stocks Slightly HIgher into Final Hour on Central Bank Hopes, Less European/Emerging Markets/US High-Yield Debt Angst, Oil Bounce, Energy/Road & Rail Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 11.71 -3.94%

• Euro/Yen Carry Return Index 118.43 +.15%

• Emerging Markets Currency Volatility(VXY) 9.91 -.5%

• S&P 500 Implied Correlation 44.8 -1.3%

• ISE Sentiment Index 70.0 +12.9%
  

• Total Put/Call .89 unch.

• NYSE Arms 1.26 +8.4% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.62 -1.54%
  

• America Energy Sector High-Yield CDS Index 700.0 +.82%

• European Financial Sector CDS Index 89.08 -.86%

• Western Europe Sovereign Debt CDS Index 24.30 +.12%

• Asia Pacific Sovereign Debt CDS Index 43.63 -2.26%

• Emerging Market CDS Index 239.38 -.58%
  

• iBoxx Offshore RMB China Corporate High Yield Index 131.44 +.01%

• 2-Year Swap Spread 25.5 +.25 basis point
  

• TED Spread 50.75 -2.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -37.75 +1.25 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 73.91 +.28%
• 3-Month T-Bill Yield .29% unch. 

• Yield Curve 83.0 +1.0 basis point
  

• China Import Iron Ore Spot $60.71/Metric Tonne -.26%

• Citi US Economic Surprise Index 5.3 -.1 point

• Citi Eurozone Economic Surprise Index 27.6 +.1 point

• Citi Emerging Markets Economic Surprise Index -1.8 -.7 point

• 10-Year TIPS Spread 1.49% +1.0 basis point
• 25.1% chance of Fed rate hike at Nov. 2 meeting, 45.8% chance at Dec. 14 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +18 open in Japan 
• China A50 Futures: Indicating +3 open in China

• DAX Futures: Indicating -23 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long