Stocks Surging into Final Hour on Central Bank Hopes, Less European/Emerging Markets/US High-Yield Debt Angst, Oil Bounce, Homebuilding/Commodity Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.03 -7.39%

• Euro/Yen Carry Return Index 135.86 +1.13%

• Emerging Markets Currency Volatility(VXY) 10.36 -1.89%

• S&P 500 Implied Correlation 59.96 -1.75%

• ISE Sentiment Index 115.0 +57.53%

• Total Put/Call .76 -13.64%

• NYSE Arms .59 -66.99% 

Credit Investor Angst:

• North American Investment Grade CDS Index 62.89 -1.02%
• America Energy Sector High-Yield CDS Index 1,025.0 +.62%

• European Financial Sector CDS Index 64.35 +3.94%

• Western Europe Sovereign Debt CDS Index 21.88 -7.48%
• Asia Pacific Sovereign Debt CDS Index 61.05 -4.78%

• Emerging Market CDS Index 320.61 -22.3% (new series)

• iBoxx Offshore RMB China Corporates High Yield Index 114.19 +.09%
• 2-Year Swap Spread 26.50 +.5 basis point

• TED Spread 26.0 +2.75 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 +1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% -1.0 basis point

• Yield Curve 135.0 -1.0 basis point

• China Import Iron Ore Spot $54.66/Metric Tonne -.62%

• Citi US Economic Surprise Index -72.10 unch.
• Citi Eurozone Economic Surprise Index 40.20 -.1 point

• Citi Emerging Markets Economic Surprise Index -.6 +.9 point

• 10-Year TIPS Spread 1.77 -3.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +85 open in Japan

• DAX Futures: Indicating +42 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long