Stocks Substantially Higher into Final Hour on Diminished Tax-Hike Fears, Less US Election Uncertainty, Oil Gain, Healthcare/Tech Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 29.5 -16.9%
• Bloomberg Global Risk On/Risk Off Index 182.0 +359.0 points

• Euro/Yen Carry Return Index 126.80 -.06%

• Emerging Markets Currency Volatility(VXY) 11.0 -3.2%

• S&P 500 Implied Correlation 57.60 -16.0%

• ISE Sentiment Index 95.0 -38.0 points
  

• Total Put/Call .96 -8.6%

• NYSE Arms 1.15 +49.4%

Credit Investor Angst:

• North American Investment Grade CDS Index 56.29 -6.67%
  

• US Energy High-Yield OAS 825.76 -.59%

• European Financial Sector CDS Index 76.17 -4.23%

• Italian/German 10Y Yld Spread 133.0 -2.0 basis points
  

• Asia Ex-Japan Investment Grade CDS Index 67.87 -1.18%
  

• Emerging Market CDS Index 201.98 -4.83%
  

• iBoxx Offshore RMB China Corporate High Yield Index 180.25 +.04%

• 2-Year Swap Spread 8.75 +1.0 basis point

• TED Spread 13.0 +.25 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -10.75 +3.0 basis points
  
• MBS  5/10 Treasury Spread  78.25 +.25 basis point
  
• IHS Markit CMBX BBB- 6 67.75 +1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 59.20 +.37%
• 3-Month T-Bill Yield .09% unch.

• Yield Curve 65.75 -5.0 basis points
  

• China Iron Ore Spot 113.39 USD/Metric Tonne +.34%

• Citi US Economic Surprise Index 123.20 -5.7 points

• Citi Eurozone Economic Surprise Index 101.10 +4.3 points
  

• Citi Emerging Markets Economic Surprise Index 59.50 -.6 point

• 10-Year TIPS Spread 1.65 -6.0 basis points
• 100.0% chance of no change at Dec. 16th meeting, 100.0% chance of no change at Jan. 27th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +340 open in Japan 
• China A50 Futures: Indicating +265 open in China

• DAX Futures: Indicating -17 open in Germany

Portfolio:

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back
  

• Market Exposure: 50% Net Long