Stocks Rising into Final Hour on Central Bank Hopes, Short-Covering, Less Emerging Markets Debt Angst, Biotech/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.83 -9.14%

• Euro/Yen Carry Return Index 144.97 +.10%

• Emerging Markets Currency Volatility(VXY) 7.35 unch.

• S&P 500 Implied Correlation 46.50 -8.16%

• ISE Sentiment Index 85.0 -30.33%

• Total Put/Call .85 +1.19%

• NYSE Arms .56 -22.89% 

Credit Investor Angst:

• North American Investment Grade CDS Index 59.88 -2.41%

• European Financial Sector CDS Index 60.31 -1.22%

• Western Europe Sovereign Debt CDS Index 28.45 +.07%
• Asia Pacific Sovereign Debt CDS Index 65.31 -1.72%

• Emerging Market CDS Index 247.67 -2.58%

• China Blended Corporate Spread Index 308.72 +.15%
• 2-Year Swap Spread 24.0 -.25 basis point

• TED Spread 22.50 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 205.0 +1.0 basis point

• China Import Iron Ore Spot $84.50/Metric Tonne -.82%

• Citi US Economic Surprise Index 31.80 +.1 point

• Citi Emerging Markets Economic Surprise Index -22.0 -2.4 basis points

• 10-Year TIPS Spread 2.12 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +39 open in Japan

• DAX Futures: Indicating +36 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long