Stocks Higher into Final Hour on Central Bank Hopes, Short-Covering, Bargain-Hunting, Tech/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.08 -3.15%

• Euro/Yen Carry Return Index 146.32 -1.04%

• Emerging Markets Currency Volatility(VXY) 8.16 -.24%

• S&P 500 Implied Correlation 56.46 +1.09%

• ISE Sentiment Index 82.0 +7.89%

• Total Put/Call .92 -6.12% 

• NYSE Arms 1.14 -22.59% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.78 -.45%

• European Financial Sector CDS Index 83.97 +.02%

• Western Europe Sovereign Debt CDS Index 41.96 -.70%
• Asia Pacific Sovereign Debt CDS Index 87.67 -1.58%

• Emerging Market CDS Index 280.78 +.75%

• China Blended Corporate Spread Index 354.14 unch.
• 2-Year Swap Spread 13.0 unch.

• TED Spread 20.25 -.75 basis point

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

Economic Gauges:

• 3-Month T-Bill Yield .03%+1 basis point

• Yield Curve 228.0 -2.0 basis points

• China Import Iron Ore Spot $118.20/Metric Tonne +.85%

• Citi US Economic Surprise Index -45.20 +.7 point

• Citi Emerging Markets Economic Surprise Index -4.10 +.8 point

• 10-Year TIPS Spread 2.12 -1.o basis point

Overseas Futures:

• Nikkei Futures: Indicating -237 open in Japan

• DAX Futures: Indicating -8 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long