Stocks Slightly Higher into Afternoon on Diminishing Global Growth Fears, Seasonality, Investor Performance Angst, Financial/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.83 +.95%

• Euro/Yen Carry Return Index 145.65 +.39%

• Emerging Markets Currency Volatility(VXY) 8.99 +1.81%

• S&P 500 Implied Correlation 53.54 -1.36%

• ISE Sentiment Index 153.0 -6.71%

• Total Put/Call .72 -11.11%

• NYSE Arms .66 -49.18% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.98 -.84%

• European Financial Sector CDS Index 95.15 -1.99%

• Western Europe Sovereign Debt CDS Index 60.0 unch.

• Emerging Market CDS Index 298.15 +1.69%

• 2-Year Swap Spread 9.5 +.25 basis point

• TED Spread 18.75 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.75 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% -1 basis point

• Yield Curve 251.0 +4 basis points

• China Import Iron Ore Spot $136.80/Metric Tonne +.29%
  

• Citi US Economic Surprise Index 8.0 +1.1 points

• Citi Emerging Markets Economic Surprise Index -15.50 -.5 point

• 10-Year TIPS Spread 2.16 unch.

Overseas Futures:

• Nikkei Futures: Indicating +190 open in Japan

• DAX Futures: Indicating +11 open in Germany

Portfolio: 

• Higher: On gains in my medical/biotech sector longs, index hedges and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long