Stocks Surging into Final Hour on FOMC Commentary, Yen Weakness, Bargain-Hunting, Commodity/Homebuilder Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 20.84 -11.67%

• Euro/Yen Carry Return Index 152.88 +.55%

• Emerging Markets Currency Volatility(VXY) 11.15 -2.82%

• S&P 500 Implied Correlation 64.05 -12.22%

• ISE Sentiment Index 112.0 +14.29%

• Total Put/Call 1.30 +30.42%

• NYSE Arms .48 -47.97% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.70 -7.23% 
• America Energy Sector High-Yield CDS Index 647.0 -4.58%

• European Financial Sector CDS Index 68.48 -5.36%

• Western Europe Sovereign Debt CDS Index 32.53 -1.77%
• Asia Pacific Sovereign Debt CDS Index 77.25 -7.15%

• Emerging Market CDS Index 334.53 -12.56%

• China Blended Corporate Spread Index 355.37 +2.75%
• 2-Year Swap Spread 22.0 -1.25 basis points

• TED Spread 21.25 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -12.75 -3.5 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 154.0 +3.0 basis points

• China Import Iron Ore Spot $68.05/Metric Tonne -.77%

• Citi US Economic Surprise Index 31.20 -.2 point
• Citi Eurozone Economic Surprise Index -2.50 +.5 point

• Citi Emerging Markets Economic Surprise Index -13.70 unch.

• 10-Year TIPS Spread 1.66 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +350 open in Japan

• DAX Futures: Indicating +35 open in Germany

Portfolio: 

• Slightly Higher: On losses in my retail/tech sector longs and index hedges

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

• Market Exposure: Moved to 75% Net Long