Stocks Reversing Slightly Higher into Final Hour on Central Bank Hopes, Yen Weakness, Short-Covering, Gaming/Hospital Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.0 -3.96%

• Euro/Yen Carry Return Index 139.32 +1.02%

• Emerging Markets Currency Volatility(VXY) 10.28 -3.38%

• S&P 500 Implied Correlation 65.22 +.38%

• ISE Sentiment Index 68.0 +9.68%

• Total Put/Call .89 -29.37%

• NYSE Arms .83 -48.96% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.22 -2.28%
• America Energy Sector High-Yield CDS Index 725.0 -.75%

• European Financial Sector CDS Index 57.46 -.70%

• Western Europe Sovereign Debt CDS Index 23.58 +1.55%
• Asia Pacific Sovereign Debt CDS Index 67.99 +1.48%

• Emerging Market CDS Index 391.37 +.79%

• iBoxx RMB China Corporates High Yield Index 111.78 +.02%
• 2-Year Swap Spread 25.25 unch.

• TED Spread 24.5 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% -1.0 basis point

• Yield Curve 131.0 unch.

• China Import Iron Ore Spot $63.54/Metric Tonne -4.34%

• Citi US Economic Surprise Index -3.70 -2.2 points
• Citi Eurozone Economic Surprise Index -.4 +.1 point

• Citi Emerging Markets Economic Surprise Index -10.50 -.2 point

• 10-Year TIPS Spread 1.61 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +247 open in Japan

• DAX Futures: Indicating +29 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long