Stocks Rising Slightly into Final Hour on Less Eurozone Debt Angst, Buyout Speculation, Short-Covering, Biotech/Alt Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 14.15 -.49%

• Euro/Yen Carry Return Index 138.37 -.11%

• Emerging Markets Currency Volatility(VXY) 10.27 +2.19%

• S&P 500 Implied Correlation 58.12 -1.37%

• ISE Sentiment Index 36.0 -68.14%

• Total Put/Call .93 +2.20%

• NYSE Arms 1.16 -22.79% 

Credit Investor Angst:

• North American Investment Grade CDS Index 60.59 -1.78%
• America Energy Sector High-Yield CDS Index 685.0 +2.91%

• European Financial Sector CDS Index 52.71 -6.25%

• Western Europe Sovereign Debt CDS Index 21.50 -5.37%
• Asia Pacific Sovereign Debt CDS Index 62.30 -.83%

• Emerging Market CDS Index 386.64 +1.04%

• iBoxx Offshore RMB China Corporates High Yield Index 114.03 -.23%
• 2-Year Swap Spread 25.75 +1.0 basis point

• TED Spread 26.0 +.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 147.0 +1.0 basis point

• China Import Iron Ore Spot $59.73/Metric Tonne -3.57%

• Citi US Economic Surprise Index -55.0 -5.4 points
• Citi Eurozone Economic Surprise Index 49.5 -6.1 points

• Citi Emerging Markets Economic Surprise Index -5.90 +.6 point

• 10-Year TIPS Spread 1.84 -4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +125 open in Japan

• DAX Futures: Indicating +5 open in Germany

Portfolio: 

• Higher: On gains in my biotech/medical/retail sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 50% Net Long