Stocks Slightly Higher into Final Hour on Stable Long-Term Rates, Weak Yen, Investor Performance Angst, Metals & Mining/Gaming 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) 13.90 +.80%

• Euro/Yen Carry Return Index 147.88 +.55%

• Emerging Markets Currency Volatility(VXY) 9.01 -1.64%

• S&P 500 Implied Correlation 50.62 +1.08%

• ISE Sentiment Index 127.0 -14.19%

• Total Put/Call .92 +6.98%

• NYSE Arms .58 -33.22% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.60 -2.77%

• European Financial Sector CDS Index 96.44 -4.45%

• Western Europe Sovereign Debt CDS Index 61.33 -4.17%

• Emerging Market CDS Index 287.40 -1.57%

• 2-Year Swap Spread 9.25 +.5 basis point

• TED Spread 19.25 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap 1.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% -1.0 basis point

• Yield Curve 255.0 -1.0 basis point

• China Import Iron Ore Spot $139.40/Metric Tonne +.14%
  

• Citi US Economic Surprise Index 33.0 +.5 point

• Citi Emerging Markets Economic Surprise Index -15.20 -1.5 points

• 10-Year TIPS Spread 2.13 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +29 open in Japan

• DAX Futures: Indicating -5 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/retail sector longs

• Disclosed Trades: Added to my (IWM), (QQQ) hedges, then covered some of them

• Market Exposure: 50% Net Long