Stocks Rising into Final Hour on Less Eurozone Debt Angst, Lower Long-Term Rates, Weaker Yen, Healthcare/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 12.97 -4.28%

• Euro/Yen Carry Return Index 148.42 +.15%

• Emerging Markets Currency Volatility(VXY) 9.15 -2.56%

• S&P 500 Implied Correlation 49.60 -1.80%

• ISE Sentiment Index 165.0 +29.92%

• Total Put/Call .70 -1.45%

• NYSE Arms 1.35 +17.12% 

Credit Investor Angst:

• North American Investment Grade CDS Index 63.77 +1.19%

• European Financial Sector CDS Index 80.82 -1.13%

• Western Europe Sovereign Debt CDS Index 52.0 -3.98%

• Emerging Market CDS Index 274.11 +.38%

• 2-Year Swap Spread 10.25 -.5 basis point

• TED Spread 20.0 +.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 +2.5 basis points

Economic Gauges:

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

• Yield Curve 254.0 -3 basis points

• China Import Iron Ore Spot $133.80/Metric Tonne -.74%

• Citi US Economic Surprise Index 61.0 +11.9 points

• Citi Emerging Markets Economic Surprise Index 1.5 -.1 point

• 10-Year TIPS Spread 2.24 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +186 open in Japan

• DAX Futures: Indicating +1 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long