Stocks Slightly Higher into Final Hour on Weaker Yen, Seasonality, Investor Performance Angst, Commodity/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.29 +5.4%

• Euro/Yen Carry Return Index 150.97 -.27%

• Emerging Markets Currency Volatility(VXY) 9.24 -.11%

• S&P 500 Implied Correlation 50.63 unch.

• ISE Sentiment Index 178.0 +93.48%

• Total Put/Call .65 -10.96%

• NYSE Arms 1.02 -.97% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.34 -2.20%

• European Financial Sector CDS Index 87.20 -.30%

• Western Europe Sovereign Debt CDS Index 59.69 -.43%

• Emerging Market CDS Index 273.80 +.03%

• 2-Year Swap Spread 10.5 +1.0 basis point

• TED Spread 18.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .07% +1.0 basis point

• Yield Curve 265.0 +6.0 basis points

• China Import Iron Ore Spot $134.20/Metric Tonne unch.
  

• Citi US Economic Surprise Index 52.20 +2.0 points

• Citi Emerging Markets Economic Surprise Index -6.40 +.3 point

• 10-Year TIPS Spread 2.23 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +99 open in Japan

• DAX Futures: Indicating +49 open in Germany

Portfolio: 

• Slightly Higher: On gains in my tech sector longs 

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

• Market Exposure: 50% Net Long