Stocks Surging into Final Hour on Central Bank Hopes, Euro Bounce, Less Emerging Markets Debt Angst, Financial/Utility Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.65 -7.23%

• Euro/Yen Carry Return Index 134.47 +.50%

• Emerging Markets Currency Volatility(VXY) 10.63 -.56%

• S&P 500 Implied Correlation 61.68 -.65%

• ISE Sentiment Index 76.0 23.23%

• Total Put/Call 1.07 -3.60%

• NYSE Arms 1.26 +41.92% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.26 -1.52%
• America Energy Sector High-Yield CDS Index 723.0 -2.18%

• European Financial Sector CDS Index 56.29 -.83%

• Western Europe Sovereign Debt CDS Index 20.90 +1.98%
• Asia Pacific Sovereign Debt CDS Index 65.30 -2.99%

• Emerging Market CDS Index 408.32 -.91%

• iBoxx Offshore RMB China Corporates High Yield Index 113.76 -.06%
• 2-Year Swap Spread 27.5 +1.0 basis point

• TED Spread 25.25 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -18.0 +2.25 basis points

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 144.0 +2.0 basis points

• China Import Iron Ore Spot $57.97/Metric Tonne +.62%

• Citi US Economic Surprise Index -55.60 -5.1 points
• Citi Eurozone Economic Surprise Index 45.3 -1.0 point

• Citi Emerging Markets Economic Surprise Index 6.30 +3.0 points

• 10-Year TIPS Spread 1.72 -1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +208 open in Japan

• DAX Futures: Indicating +36 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long