Stocks Surging on Central Bank Hopes, Less European/Emerging Markets Debt Angst, Yen Weakness, HMO/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 17.38 -9.99%

• Euro/Yen Carry Return Index 147.37 -.02%

• Emerging Markets Currency Volatility(VXY) 10.60 -1.12%

• S&P 500 Implied Correlation 65.02 +.06%

• ISE Sentiment Index 147.0 +47.0%

• Total Put/Call .78 -17.89%

• NYSE Arms .56 -43.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 68.45 -2.28%
• America Energy Sector High-Yield CDS Index 710.0 -1.05%

• European Financial Sector CDS Index 71.55 +.06%

• Western Europe Sovereign Debt CDS Index 28.87 -5.23%
• Asia Pacific Sovereign Debt CDS Index 72.30 +.04%

• Emerging Market CDS Index 361.87 -3.98%

• China Blended Corporate Spread Index 372.74 +.83%
• 2-Year Swap Spread 23.50 +1.0 basis point

• TED Spread 23.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -13.75 +.75 basis point

Economic Gauges:

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

• Yield Curve 141.0 +5.0 basis points

• China Import Iron Ore Spot $71.36/Metric Tonne +.56%

• Citi US Economic Surprise Index 28.50 -.8 point
• Citi Eurozone Economic Surprise Index 3.0 -7.6 points

• Citi Emerging Markets Economic Surprise Index -14.50 -1.7 points

• 10-Year TIPS Spread 1.63 +6.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +273 open in Japan

• DAX Futures: Indicating +6 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges, then added them back

• Market Exposure: 50% Net Long