Stocks Surging into Final Hour on Lower Long-Term Rates, Less US/European/Emerging Markets Debt Angst, Technical Buying, Tech/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 16.66 +1.0%

• Euro/Yen Carry Return Index 137.10 +.19%

• Emerging Markets Currency Volatility(VXY) 8.16 -.97%

• S&P 500 Implied Correlation 36.70 -1.13%

• ISE Sentiment Index 88.0 -5.4%
  

• Total Put/Call .91 -6.19%

• NYSE Arms .82 -1.58%

Credit Investor Angst:

• North American Investment Grade CDS Index 54.0 -3.0%
  

• America Energy Sector High-Yield CDS Index 364.0 -1.1%

• European Financial Sector CDS Index 54.52 -6.66%

• Italian/German 10Y Yld Spread 136.5 -5.0 basis points
  

• Asia Pacific Sovereign Debt CDS Index 12.69 +.25%

• Emerging Market CDS Index 116.84 -3.48%
  

• iBoxx Offshore RMB China Corporate High Yield Index 147.87 -.04%

• 2-Year Swap Spread 26.75 +1.75 basis points

• TED Spread 32.25 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -31.0 +.75 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 75.87 +.21%
• 3-Month T-Bill Yield 1.64% unch.
  

• Yield Curve 63.0 unch.

• China Iron Ore Spot 78.35 USD/Metric Tonne -.41%

• Citi US Economic Surprise Index 37.70 -12.4 points

• Citi Eurozone Economic Surprise Index -.3 +3.8 points

• Citi Emerging Markets Economic Surprise Index 7.20 +2.8 points

• 10-Year TIPS Spread 2.14 +2.0 basis points
  
• 100.0% chance of Fed rate hike at May 2 meeting, 100.0% chance at June 13 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +236 open in Japan 
• China A50 Futures: Indicating +125 open in China

• DAX Futures: Indicating +38 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long