Stocks Surging into Afternoon on Economic Optimism, Oil Gains, Yen Weakness, Energy/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 13.87 -5.7%

• Euro/Yen Carry Return Index 135.36 +.42%

• Emerging Markets Currency Volatility(VXY) 8.86 +1.61%

• S&P 500 Implied Correlation 37.8 -5.6%

• ISE Sentiment Index 127.0 +12.4%
  

• Total Put/Call .82 unch.

• NYSE Arms .60 -36.8%

Credit Investor Angst:

• North American Investment Grade CDS Index 61.35 -1.57%
  

• America Energy Sector High-Yield CDS Index 375.0 -2.97%

• European Financial Sector CDS Index 60.47 -.8%

• Italian/German 10Y Yld Spread 132.25 -1.75 basis points
  

• Asia Pacific Sovereign Debt CDS Index 13.03 +.39%

• Emerging Market CDS Index 159.68 -1.64%
  

• iBoxx Offshore RMB China Corporate High Yield Index 149.29 -.08%

• 2-Year Swap Spread 25.25 -.5 basis point

• TED Spread 49.0 -2.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -1.5 +2.0 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 71.85 -.01%
• 3-Month T-Bill Yield 1.88% +2.0 basis points
  

• Yield Curve 47.25 +1.5 basis points

• China Iron Ore Spot 65.95 USD/Metric Tonne +.08%

• Citi US Economic Surprise Index 27.7 -.5 point

• Citi Eurozone Economic Surprise Index -101.0 -2.1 points

• Citi Emerging Markets Economic Surprise Index .5 -.7 point

• 10-Year TIPS Spread 2.19 +3.0 basis points
  
• 100.0% chance of Fed rate hike at August 1 meeting, 100.0% chance at September 26 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +57  open in Japan 
• China A50 Futures: Indicating +28 open in China

• DAX Futures: Indicating +51 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long