Stocks Rising into Final Hour on Global Growth Optimism, Yen Weakness, Earnings, Tech/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.11 -1.38%

• Euro/Yen Carry Return Index 148.38 -.19%

• Emerging Markets Currency Volatility(VXY) 8.58 +1.42%

• S&P 500 Implied Correlation 50.84 +2.54%

• ISE Sentiment Index 175.0 +10.76%

• Total Put/Call .75 +10.29%

• NYSE Arms .85 +36.30% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.38 -2.31%

• European Financial Sector CDS Index 84.54 -2.10%

• Western Europe Sovereign Debt CDS Index 50.0 -3.84%

• Emerging Market CDS Index 282.18 -.76%

• 2-Year Swap Spread 12.75 +.5 basis point

• TED Spread 20.25 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap .75 +2.0 basis points

Economic Gauges:

• 3-Month T-Bill Yield .04% +1 basis point

• Yield Curve 249.0 +1 basis point

• China Import Iron Ore Spot $129.60/Metric Tonne +.08%

• Citi US Economic Surprise Index 72.70 +2.4 points

• Citi Emerging Markets Economic Surprise Index .5 -.1 point

• 10-Year TIPS Spread 2.27 +2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +68 open in Japan

• DAX Futures: Indicating +31 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long