Stocks Rising into Final Hour on Commodity Bounce, Central Bank Hopes, Yen Weakness, Energy/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 22.23 -.71%

• Euro/Yen Carry Return Index 142.23 +.75%

• Emerging Markets Currency Volatility(VXY) 11.08 +.4%

• S&P 500 Implied Correlation 68.06 +2.24%

• ISE Sentiment Index 123.0 +95.24%

• Total Put/Call .92 -9.80%

• NYSE Arms .87 -34.86% 

Credit Investor Angst:

• North American Investment Grade CDS Index 72.11 -1.45%
• America Energy Sector High-Yield CDS Index 747.0 +.86%

• European Financial Sector CDS Index 65.68 -1.97%

• Western Europe Sovereign Debt CDS Index 26.13 -2.68%
• Asia Pacific Sovereign Debt CDS Index 76.84 +2.59%

• Emerging Market CDS Index 387.27 -.58%

• China Blended Corporate Spread Index 384.77 +1.42%
• 2-Year Swap Spread 24.25 +.75 basis point

• TED Spread 22.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -18.25 -.5 basis point

Economic Gauges:

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

• Yield Curve 134.0 +1.0 basis point

• China Import Iron Ore Spot $68.61/Metric Tonne -.03%

• Citi US Economic Surprise Index 7.20 -4.5 points
• Citi Eurozone Economic Surprise Index -3.8 -3.2 points

• Citi Emerging Markets Economic Surprise Index -15.70 -.6 point

• 10-Year TIPS Spread 1.60 +2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +171 open in Japan

• DAX Futures: Indicating +59 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long