Stocks Slightly Higher into Final Hour on Greece Debt Deal Hopes, Less Emerging Markets/US High-Yield Debt Angst, China Bounce, Biotech/Gaming Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 18.42 -2.28%

• Euro/Yen Carry Return Index 142.54 -.88%

• Emerging Markets Currency Volatility(VXY) 9.08 -.33%

• S&P 500 Implied Correlation 63.14 -.82%

• ISE Sentiment Index 94.0 -7.84%

• Total Put/Call 1.11 -20.71%

• NYSE Arms 1.19 -37.82% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.06 -2.36%

• America Energy Sector High-Yield CDS Index 1,129.0 +.38%

• European Financial Sector CDS Index 89.18 -1.88%

• Western Europe Sovereign Debt CDS Index 28.65 +2.85%

• Asia Pacific Sovereign Debt CDS Index 59.82 -1.84%

• Emerging Market CDS Index 308.78 -1.44%
  

• iBoxx Offshore RMB China Corporates High Yield Index 120.68 -.15%

• 2-Year Swap Spread 25.75 +.5 basis point

• TED Spread 29.75 +1.5 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -21.75 unch.

Economic Gauges:

• 3-Month T-Bill Yield .00% unch.

• Yield Curve 171.0 +2.0 basis points

• China Import Iron Ore Spot $59.35/Metric Tonne -3.17%

• Citi US Economic Surprise Index -28.80 +.3 point

• Citi Eurozone Economic Surprise Index -5.0 -6.9 points

• Citi Emerging Markets Economic Surprise Index -22.30 -1.4 points

• 10-Year TIPS Spread 1.89 unch.

Overseas Futures:

• Nikkei 225 Futures: Indicating +81 open in Japan 
• China A50 Futures: Indicating -318 open in China

• DAX Futures: Indicating +53 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long