Stocks Rising into Final Hour on Seasonality, Weak Yen, Investor Performance Angst, Tech/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.01 +.23%

• Euro/Yen Carry Return Index 145.36 +.15%

• Emerging Markets Currency Volatility(VXY) 8.83 -.23%

• S&P 500 Implied Correlation 53.58 -.78%

• ISE Sentiment Index 165.0 +35.25%

• Total Put/Call .80 unch.

• NYSE Arms .81 -19.68% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.65 +1.29%

• European Financial Sector CDS Index 97.02 +2.10%

• Western Europe Sovereign Debt CDS Index 61.0 -.79%

• Emerging Market CDS Index 293.39 n/a

• 2-Year Swap Spread 9.25 +.75 basis point

• TED Spread 18.25 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.5 unch.

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 247.0 +2 basis points

• China Import Iron Ore Spot $136.40/Metric Tonne unch.

• Citi US Economic Surprise Index 6.90 -1.7 points

• Citi Emerging Markets Economic Surprise Index -15.0 +1.0 point

• 10-Year TIPS Spread 2.16 unch.

Overseas Futures:

• Nikkei Futures: Indicating +67 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long