Stocks Surging into Afternoon on US Economic Data, Oil Bounce, Yen Weakness, Homebuilding/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) 20.36 -3.65%

• Euro/Yen Carry Return Index 147.48 +.32%

• Emerging Markets Currency Volatility(VXY) 10.65 -.84%

• S&P 500 Implied Correlation 66.65 -.95%

• ISE Sentiment Index 95.0 -4.04%

• Total Put/Call 1.08 -3.57%

• NYSE Arms .85 -27.74% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.65 -1.31%
• America Energy Sector High-Yield CDS Index 718.0 +2.65%

• European Financial Sector CDS Index 71.55 +.06%

• Western Europe Sovereign Debt CDS Index 29.85 +2.12%
• Asia Pacific Sovereign Debt CDS Index 72.48 -2.53%

• Emerging Market CDS Index 378.66 -1.82%

• China Blended Corporate Spread Index 369.68 +2.96%
• 2-Year Swap Spread 22.50 -.5 basis point

• TED Spread 23.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 136.0 +4.0 basis points

• China Import Iron Ore Spot $70.96/Metric Tonne -.74%

• Citi US Economic Surprise Index 29.30 +6.5 points
• Citi Eurozone Economic Surprise Index 10.60 -.3 point

• Citi Emerging Markets Economic Surprise Index -12.80 +1.1 points

• 10-Year TIPS Spread 1.57 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +285 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long