Stocks Rising into Final Hour on Diminished Global Growth Fears, Stable Long-Term Rates, Short-Covering, Tech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.88 +.76%

• Euro/Yen Carry Return Index 147.81 -.10%

• Emerging Markets Currency Volatility(VXY) 9.07 -.11%

• S&P 500 Implied Correlation 53.15 -.37%

• ISE Sentiment Index 199.0 +53.08%

• Total Put/Call .80 -5.88%

• NYSE Arms .75 -37.48% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.30 -.95%

• European Financial Sector CDS Index 95.63 -1.61%

• Western Europe Sovereign Debt CDS Index 57.65 +2.28%

• Emerging Market CDS Index 275.64 -.56%

• 2-Year Swap Spread 9.5 -.75 basis point

• TED Spread 18.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap .75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 255.0 +1.0 basis point

• China Import Iron Ore Spot $134.90/Metric Tonne -.81%
  

• Citi US Economic Surprise Index 35.40 +3.3 points

• Citi Emerging Markets Economic Surprise Index -15.3 -.3 point

• 10-Year TIPS Spread 2.18 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +307 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long