Stocks Higher into Final Hour on Less Emerging Markets/Eurozone Debt Angst, Weaker Yen, Short-Covering, Homebuilding/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 16.04 -7.92%

• Euro/Yen Carry Return Index 146.55 +.20%

• Emerging Markets Currency Volatility(VXY) 9.75 -.61%

• S&P 500 Implied Correlation 57.18 -2.31%

• ISE Sentiment Index 138.0 +5.34%

• Total Put/Call .76 -11.63%

• NYSE Arms .72 -12.0% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.22 -3.26%

• European Financial Sector CDS Index 99.41 -4.88%

• Western Europe Sovereign Debt CDS Index 54.0 -1.82%

• Asia Pacific Sovereign Debt CDS Index 112.27 -4.49%

• Emerging Market CDS Index 323.20 -3.83%

• 2-Year Swap Spread 14.50 -.5 basis point

• TED Spread 19.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -3.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .05% unch.

• Yield Curve 241.0 unch.

• China Import Iron Ore Spot $123.90/Metric Tonne -.32%

• Citi US Economic Surprise Index 52.0 -7.0 points

• Citi Emerging Markets Economic Surprise Index 8.0 +.9 point

• 10-Year TIPS Spread 2.14 unch.

Overseas Futures:

• Nikkei Futures: Indicating +158 open in Japan

• DAX Futures: Indicating +53 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long