Stocks Rising into Afternoon on Global Growth Optimism, Investor Performance Angst, Seasonality, Tech/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.19 -4.35%

• Euro/Yen Carry Return Index 148.58 +.11%

• Emerging Markets Currency Volatility(VXY) 9.01 -1.1%

• S&P 500 Implied Correlation 50.93 -1.03%

• ISE Sentiment Index 133.0 -30.73%

• Total Put/Call .64 -13.51%

• NYSE Arms .97 -26.65% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.22 -1.99%

• European Financial Sector CDS Index 85.70 -1.87%

• Western Europe Sovereign Debt CDS Index 60.85 +.85%

• Emerging Market CDS Index 265.20 -.90%

• 2-Year Swap Spread 9.25 +1.25 basis points

• TED Spread 18.5 -1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .06% +1 basis point

• Yield Curve 254.0 +3.0 basis points

• China Import Iron Ore Spot $131.90/Metric Tonne -.60%
  

• Citi US Economic Surprise Index 44.9 -2.1 points

• Citi Emerging Markets Economic Surprise Index -11.1 +.9 point

• 10-Year TIPS Spread 2.17 +1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +255 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long