Stocks Higher into Afternoon on Central Bank Hopes, Less European Debt Angst, Yen Weakness, Telecom/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) 16.16 -3.3%

• Euro/Yen Carry Return Index 119.38 -.31%

• Emerging Markets Currency Volatility(VXY) 10.18 -1.64%

• S&P 500 Implied Correlation 49.12 +.14%

• ISE Sentiment Index 83.0 +27.69%
  

• Total Put/Call .83 -16.16%

• NYSE Arms 1.15 +26.68% 

Credit Investor Angst:

• North American Investment Grade CDS Index 75.48 -.47%
  

• America Energy Sector High-Yield CDS Index 599.0 -.44%

• European Financial Sector CDS Index 98.60 -2.27%

• Western Europe Sovereign Debt CDS Index 20.67 -1.38%

• Asia Pacific Sovereign Debt CDS Index 34.14 -1.14%

• Emerging Market CDS Index 241.90 +2.14%
  

• iBoxx Offshore RMB China Corporate High Yield Index 132.30 -.05%

• 2-Year Swap Spread 22.0 -1.0 basis point

• TED Spread 59.75 +6.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -44.0 -1.25 basis points
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.20 -.03%
• 3-Month T-Bill Yield .28% unch.

• Yield Curve 94.0 +4.0 basis points
  

• China Import Iron Ore Spot $57.28/Metric Tonne +1.08%

• Citi US Economic Surprise Index -7.60 -1.0 point

• Citi Eurozone Economic Surprise Index 22.5 -.1 point

• Citi Emerging Markets Economic Surprise Index -18.90 -1.2 points

• 10-Year TIPS Spread 1.64% -1.0 basis point
• 65.2% chance of Fed rate hike at Dec. 14 meeting, 68.0% chance at Feb. 1 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +39 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating -3 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long