Stocks Surging into Final Hour on Central Bank Hopes, Euro Bounce, Technical Buying, Utility/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.63 -2.31%

• Euro/Yen Carry Return Index 134.24 +.87%

• Emerging Markets Currency Volatility(VXY) 10.86 -1.27%

• S&P 500 Implied Correlation 59.24 -1.68%

• ISE Sentiment Index 74.0 -5.13%

• Total Put/Call .97 -19.83%

• NYSE Arms .75 -43.91% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.25 -.88%
• America Energy Sector High-Yield CDS Index 753.0 +1.77%

• European Financial Sector CDS Index 55.75 -.16%

• Western Europe Sovereign Debt CDS Index 20.82 -1.33%
• Asia Pacific Sovereign Debt CDS Index 66.20 -.65%

• Emerging Market CDS Index 421.41 +.45%

• iBoxx Offshore RMB China Corporates High Yield Index 114.01 +.15%
• 2-Year Swap Spread 27.0 -.75 basis point

• TED Spread 25.0 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -20.25 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.

• Yield Curve 145.0 -2.0 basis points

• China Import Iron Ore Spot $57.66/Metric Tonne +2.15%

• Citi US Economic Surprise Index -63.80 -3.7 points
• Citi Eurozone Economic Surprise Index 39.6 -4.5 points

• Citi Emerging Markets Economic Surprise Index 3.80 -1.8 points

• 10-Year TIPS Spread 1.66 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +189 open in Japan

• DAX Futures: Indicating +9 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long