Stocks Surging into Final Hour on Diminished Global Growth Fears, Yen Weakness, Earnings, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.31 -7.30%

• Euro/Yen Carry Return Index 148.62 +1.17%

• Emerging Markets Currency Volatility(VXY) 8.41 +.24%

• S&P 500 Implied Correlation 50.40 -1.66%

• ISE Sentiment Index 158.0 +42.3%

• Total Put/Call .67 -6.94%

• NYSE Arms .75 -62.48% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.01 -1.73%

• European Financial Sector CDS Index 86.37 -1.1%

• Western Europe Sovereign Debt CDS Index 51.99 +1.95%

• Emerging Market CDS Index 284.53 +.32%

• 2-Year Swap Spread 12.25 +5 basis point

• TED Spread 20.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 +1.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 248.0 +1 basis point

• China Import Iron Ore Spot $129.50/Metric Tonne -1.07%

• Citi US Economic Surprise Index 70.30 +4.2 points

• Citi Emerging Markets Economic Surprise Index .6 +.5 point

• 10-Year TIPS Spread 2.25 -1 basis point

Overseas Futures:

• Nikkei Futures: Indicating +328 open in Japan

• DAX Futures: Indicating +26 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long