Stocks Rising into Final Hour on Lower Long-Term Rates, Central Bank Hopes, Oil Bounce, Food/HMO Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.02 -2.40%

• Euro/Yen Carry Return Index 144.78 -.42%

• Emerging Markets Currency Volatility(VXY) 9.35 -1.27%

• S&P 500 Implied Correlation 61.86 -.74%

• ISE Sentiment Index 79.0 +1.28%

• Total Put/Call .73 -17.98%

• NYSE Arms .92 -48.17% 

Credit Investor Angst:

• North American Investment Grade CDS Index 69.08 -.45%

• America Energy Sector High-Yield CDS Index 1,643.0 +1.21%

• European Financial Sector CDS Index 86.10 +2.92%

• Western Europe Sovereign Debt CDS Index 28.68 +2.50%

• Asia Pacific Sovereign Debt CDS Index 64.14 +.93%

• Emerging Market CDS Index 320.99 +.02%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.43 +.01%

• 2-Year Swap Spread 26.0 -1.0 basis point

• TED Spread 28.0 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -19.25 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 163.0 -3.0 basis points

• China Import Iron Ore Spot $62.91/Metric Tonne -2.09%

• Citi US Economic Surprise Index -32.90 -2.5 points

• Citi Eurozone Economic Surprise Index -.6 -3.9 points

• Citi Emerging Markets Economic Surprise Index -17.80 -1.5 points

• 10-Year TIPS Spread 1.91 +4.0 basis points

Overseas Futures:

• Nikkei 225 Futures: Indicating +42 open in Japan 
• China A50 Futures: Indicating -251 open in China

• DAX Futures: Indicating +17 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long