Stocks Higher into Final Hour on Short-Covering, Technical Buying, Yen Weakness, Oil Service/REIT Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.94 -1.06%

• Euro/Yen Carry Return Index 146.73 -.09%

• Emerging Markets Currency Volatility(VXY) 8.54 +1.55%

• S&P 500 Implied Correlation 57.06 -1.30%

• ISE Sentiment Index 93.0 -2.11%

• Total Put/Call .97 +31.08% 

• NYSE Arms .99 +64.01% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.24 +1.25%

• European Financial Sector CDS Index 83.33 +2.90%

• Western Europe Sovereign Debt CDS Index 36.10 -.84%
• Asia Pacific Sovereign Debt CDS Index 88.08 -.11%

• Emerging Market CDS Index 285.09 +1.57%

• China Blended Corporate Spread Index 359.51 -.11%
• 2-Year Swap Spread 14.0 +.25 basis point

• TED Spread 19.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 226.0 -1.0 basis point

• China Import Iron Ore Spot $117.10/Metric Tonne +.09%

• Citi US Economic Surprise Index -32.70 +4.9 points

• Citi Emerging Markets Economic Surprise Index -22.10 -.2 point

• 10-Year TIPS Spread 2.14 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +79 open in Japan

• DAX Futures: Indicating +29 open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech/medical sector longs, index hedges and emerging markets shorts

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

• Market Exposure: Moved to 50% Net Long