Stocks Surging into Final Hour on Dovish FOMC Statement, Yen Weakness, Short-Covering, Homebuilding/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.42 -11.04%

• Euro/Yen Carry Return Index 148.58 +.77%

• Emerging Markets Currency Volatility(VXY) 8.94 -1.65%

• S&P 500 Implied Correlation 61.22 -5.71%

• ISE Sentiment Index 122.0 -.81%

• Total Put/Call .86 -1.15%

• NYSE Arms .86 -29.07% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.97 -2.92%

• European Financial Sector CDS Index 94.93 -1.12%

• Western Europe Sovereign Debt CDS Index 62.0 -1.59%

• Emerging Market CDS Index 268.12 -1.19%

• 2-Year Swap Spread 6.75 -1.5 basis points

• TED Spread 18.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -2.5 -2.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .06% unch.

• Yield Curve 255.0 +3.0 basis points

• China Import Iron Ore Spot $133.40/Metric Tonne -.67%
  

• Citi US Economic Surprise Index 44.10 -1.1 points

• Citi Emerging Markets Economic Surprise Index -14.3 +2.5 points

• 10-Year TIPS Spread 2.16 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +340 open in Japan

• DAX Futures: Indicating +81 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long