Stocks Rising into Final Hour on Central Bank Hopes, Bargain-Hunting, Short-Covering, Retail/Homebuilding Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 19.03 -13.46%

• Euro/Yen Carry Return Index 142.96 +.41%

• Emerging Markets Currency Volatility(VXY) 8.58 +1.18%

• S&P 500 Implied Correlation 65.97 -3.48%

• ISE Sentiment Index 112.0 +12.74%

• Total Put/Call .86 -27.73%

• NYSE Arms .99 +58.88% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.20 -.27%

• European Financial Sector CDS Index 75.50 +2.97%

• Western Europe Sovereign Debt CDS Index 34.80 +3.40%
• Asia Pacific Sovereign Debt CDS Index 73.32 -.66%

• Emerging Market CDS Index 263.20 +.55%

• China Blended Corporate Spread Index 344.71 -2.58%
• 2-Year Swap Spread 26.25 unch.

• TED Spread 20.5 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 183.0 unch.

• China Import Iron Ore Spot $81.60/Metric Tonne +.97%

• Citi US Economic Surprise Index 21.20 +.6 point
• Citi Eurozone Economic Surprise Index -54.1 unch.

• Citi Emerging Markets Economic Surprise Index -21.60 -.6 point

• 10-Year TIPS Spread 1.91 -2 basis points

Overseas Futures:

• Nikkei Futures: Indicating +69 open in Japan

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

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

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

• Market Exposure: 50% Net Long