Stocks Surging into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 13.89 -6.72%

• Euro/Yen Carry Return Index 147.07 +.36%

• Emerging Markets Currency Volatility(VXY) 8.19 +.61%

• S&P 500 Implied Correlation 52.91 -5.53%

• ISE Sentiment Index 90.0 +9.76%

• Total Put/Call .56 -38.46% 

• NYSE Arms 1.26 +29.47% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.03 -2.39%

• European Financial Sector CDS Index 81.99 -2.35%

• Western Europe Sovereign Debt CDS Index 42.55 +1.40%

• Asia Pacific Sovereign Debt CDS Index 86.97 -1.03%

• Emerging Market CDS Index 271.11 -3.37%

• China Blended Corporate Spread Index 354.02 -.34%

• 2-Year Swap Spread 13.5 +.5 basis point

• TED Spread 19.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -1.25 +.75 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 232.0 +4.0 basis points

• China Import Iron Ore Spot $119.40/Metric Tonne +1.02%

• Citi US Economic Surprise Index -45.20 unch.

• Citi Emerging Markets Economic Surprise Index -3.10 +1.0 point

• 10-Year TIPS Spread 2.14 +2.o basis points

Overseas Futures:

• Nikkei Futures: Indicating +165 open in Japan

• DAX Futures: Indicating +39 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long