Stocks Rising into Final Hour on Less Eurozone/Emerging Markets/US High-Yield Debt Angst, Earnings Optimism, Technical Buying, Tech/Retail 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) 11.97 -9.52%

• Euro/Yen Carry Return Index 141.10 -.32%

• Emerging Markets Currency Volatility(VXY) 8.33 -.95%

• S&P 500 Implied Correlation 60.22 -.15%

• ISE Sentiment Index 116.0 +30.34%

• Total Put/Call .88 -8.33%

• NYSE Arms 1.39 +10.81% 

Credit Investor Angst:

• North American Investment Grade CDS Index 65.37 -3.12%

• America Energy Sector High-Yield CDS Index 1,276.0 -.22%

• European Financial Sector CDS Index 70.55 -4.61%

• Western Europe Sovereign Debt CDS Index 21.58 -6.85%

• Asia Pacific Sovereign Debt CDS Index 59.13 -.99%

• Emerging Market CDS Index 297.35 -2.75%
  

• iBoxx Offshore RMB China Corporates High Yield Index 119.894 +.11%

• 2-Year Swap Spread 24.75 unch.

• TED Spread 27.75 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -21.0 -1.0 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 169.0 -3.0 basis points

• China Import Iron Ore Spot $50.66/Metric Tonne +.22%

• Citi US Economic Surprise Index -20.8 +.7 point

• Citi Eurozone Economic Surprise Index -.3 +.8 point

• Citi Emerging Markets Economic Surprise Index -10.30 -.7 point

• 10-Year TIPS Spread 1.85 unch.
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.53 -.04

Overseas Futures:

• Nikkei 225 Futures: Indicating +109 open in Japan 
• China A50 Futures: Indicating -184 open in China

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long