Stocks Rising into Final Hour on Earnings Outlooks, Oil Gain, Technical Buying, Biotech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Around Even
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 9.2 -7.15%

• Euro/Yen Carry Return Index 138.16 -.36%

• Emerging Markets Currency Volatility(VXY) 8.16 +1.62%

• S&P 500 Implied Correlation 14.43 -6.96%

• ISE Sentiment Index 103.0 -25.4%
  

• Total Put/Call .92 +6.98%

• NYSE Arms .95 -23.41%

Credit Investor Angst:

• North American Investment Grade CDS Index 52.94 -.12%
  

• America Energy Sector High-Yield CDS Index 367.0 -1.1%

• European Financial Sector CDS Index 50.41 +.46%

• Western Europe Sovereign Debt CDS Index 3.91 -2.01%

• Asia Pacific Sovereign Debt CDS Index 14.85 -1.66%

• Emerging Market CDS Index 177.04 +1.59%
  

• iBoxx Offshore RMB China Corporate High Yield Index 144.98 +.02%

• 2-Year Swap Spread 20.75 -1.0 basis point

• TED Spread 22.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -43.25 -.25 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.33 -.62%
• 3-Month T-Bill Yield 1.17% +1.0 basis point
  

• Yield Curve 72.25 -1.5 basis points

• China Import Iron Ore Spot $59.88/Metric Tonne +.15%

• Citi US Economic Surprise Index 40.90 +.2 point

• Citi Eurozone Economic Surprise Index 58.70 +.1 basis point

• Citi Emerging Markets Economic Surprise Index 18.30 -.4 point

• 10-Year TIPS Spread 1.87 -1.0 basis point
  
• 100.0% chance of Fed rate hike at Jan. 31 meeting, 100.0% chance at March 21 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +126 open in Japan 
• China A50 Futures: Indicating +5 open in China

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long