Stocks Rising into Final Hour on Central Bank Hopes, Commodity Bounce, Short-Covering, Healthcare/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Slightly Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 19.47 -2.11%

• Euro/Yen Carry Return Index 142.75 -.37%

• Emerging Markets Currency Volatility(VXY) 10.86 -2.25%

• S&P 500 Implied Correlation 65.44 +1.88%

• ISE Sentiment Index 85.0 +28.79%

• Total Put/Call 1.09 +37.97%

• NYSE Arms .63 -33.57% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.71 -1.97%
• America Energy Sector High-Yield CDS Index 739.0 -.93%

• European Financial Sector CDS Index 62.58 -2.47%

• Western Europe Sovereign Debt CDS Index 25.97 +4.05%
• Asia Pacific Sovereign Debt CDS Index 71.36 -4.71%

• Emerging Market CDS Index 393.67 +1.12%

• China Blended Corporate Spread Index n/a
• 2-Year Swap Spread 24.25 -.25 basis point

• TED Spread 23.5 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -14.75 +1.5 basis points

Economic Gauges:

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

• Yield Curve 136.0 +5.0 basis points

• China Import Iron Ore Spot $67.81/Metric Tonne -.51%

• Citi US Economic Surprise Index 5.50 +.7 point
• Citi Eurozone Economic Surprise Index -3.4 -.1 point

• Citi Emerging Markets Economic Surprise Index -12.20 +1.6 points

• 10-Year TIPS Spread 1.61 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +55 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long