Stocks Rising into Final Hour on Diminished Syria Intervention Worries, Global Growth Optimism, Lower Energy Prices, Financial/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.82 -5.18%

• Euro/Yen Carry Return Index 138.79 +.84%

• Emerging Markets Currency Volatility(VXY) 10.47 -2.06%

• S&P 500 Implied Correlation 47.42 -3.81%

• ISE Sentiment Index 93.0 -30.08%

• Total Put/Call .80 +17.65%

• NYSE Arms .82 +52.92% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.72 -1.51%

• European Financial Sector CDS Index 135.83 -4.04%

• Western Europe Sovereign Debt CDS Index 89.94 -1.87%

• Emerging Market CDS Index 320.42 +.16%

• 2-Year Swap Spread 15.25 -.25 bp

• TED Spread 23.50 -1.0 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 +1.0 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% +1 bp

• Yield Curve 249.0 +2 bps

• China Import Iron Ore Spot $135.20/Metric Tonne +.30%

• Citi US Economic Surprise Index 53.80 -1.2 points

• Citi Emerging Markets Economic Surprise Index -9.50 +4.5 points

• 10-Year TIPS Spread 2.11 +4 bps

Overseas Futures:

• Nikkei Futures: Indicating +172 open in Japan

• DAX Futures: Indicating +7 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long