Stocks Rising into Final Hour on Yen Weakness, Seasonality, Investor Performance Angst, Defense/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.11 -2.96%

• Euro/Yen Carry Return Index 149.61 +.60%

• Emerging Markets Currency Volatility(VXY) 9.04 +.11%

• S&P 500 Implied Correlation 49.27 -2.03%

• ISE Sentiment Index 151.0 -15.17%

• Total Put/Call .65 unch.

• NYSE Arms .59 -2.48% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.98 -.64%

• European Financial Sector CDS Index 85.23 unch.

• Western Europe Sovereign Debt CDS Index 60.76 +.02%

• Emerging Market CDS Index 267.44 +.17%

• 2-Year Swap Spread 9.75 -.25 basis point

• TED Spread 18.50 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.0 -6.25 basis points

Economic Gauges:

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

• Yield Curve 258.0 unch.

• China Import Iron Ore Spot $132.10/Metric Tonne +.08%
  

• Citi US Economic Surprise Index 49.4 +1.0 point

• Citi Emerging Markets Economic Surprise Index -9.70 +.7 point

• 10-Year TIPS Spread 2.20 +1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +115 open in Japan

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

• Higher: On gains in my biotech/retail/tech sector longs and emerging markets shorts

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

• Market Exposure: 50% Net Long