Stocks Higher into Afternoon on Central Bank Hopes, Short-Covering, Investor Performance Angst, Tech/Telecom Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 13.29 -.15%

• Euro/Yen Carry Return Index 140.73 +.24%

• Emerging Markets Currency Volatility(VXY) 7.70 -1.28%

• S&P 500 Implied Correlation 38.86 +3.41%

• ISE Sentiment Index 142.0 -17.44%

• Total Put/Call .66 -16.38%

• NYSE Arms .80 -22.13% 

Credit Investor Angst:

• North American Investment Grade CDS Index 71.56 -.36%

• European Financial Sector CDS Index 117.85 -3.69%

• Western Europe Sovereign Debt CDS Index 70.0 +.97%

• Emerging Market CDS Index 263.70 +1.24%

• 2-Year Swap Spread 11.75 -1.0 basis point

• TED Spread 20.25 -1.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.75 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .04% +2 basis points

• Yield Curve 220.0 -1 basis point

• China Import Iron Ore Spot $131.30/Metric Tonne -.38%

• Citi US Economic Surprise Index 5.4 -6.0 points

• Citi Emerging Markets Economic Surprise Index -4.40 +.3 point

• 10-Year TIPS Spread 2.19 unch.

Overseas Futures:

• Nikkei Futures: Indicating +148 open in Japan

• DAX Futures: Indicating -8 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long