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

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.57 -9.11%

• Euro/Yen Carry Return Index 145.47 -.39%

• Emerging Markets Currency Volatility(VXY) 7.27 -1.62%

• S&P 500 Implied Correlation 48.57 -12.02%

• ISE Sentiment Index 110.0 +50.68%

• Total Put/Call .83 -17.82%

• NYSE Arms .70 -37.59% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.92 -2.93%

• European Financial Sector CDS Index 58.35 -2.19%

• Western Europe Sovereign Debt CDS Index 27.83 -1.64%
• Asia Pacific Sovereign Debt CDS Index 64.72 -.54%

• Emerging Market CDS Index 249.51 -2.37%

• China Blended Corporate Spread Index 310.22 +.77%
• 2-Year Swap Spread 21.75 -3.0 basis points

• TED Spread 23.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -8.5 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 198.0 -2.0 basis points

• China Import Iron Ore Spot $79.40/Metric Tonne unch.

• Citi US Economic Surprise Index 26.90 +5.8 points

• Citi Emerging Markets Economic Surprise Index -17.10 +1.5 points

• 10-Year TIPS Spread 2.04 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +135 open in Japan

• DAX Futures: Indicating +20 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long