Stocks Surging into Final Hour on Central Bank Hopes, Oil Bounce, Less Emerging Markets Debt Angst, Transport/Financial Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 22.62 -6.72%

• Euro/Yen Carry Return Index 141.83 -.18%

• Emerging Markets Currency Volatility(VXY) 12.33 -2.07%

• S&P 500 Implied Correlation 63.48 -2.65%

• ISE Sentiment Index 149.0 -1.0%

• Total Put/Call 1.13 +10.78%

• NYSE Arms .66 -32.94% 

Credit Investor Angst:

• North American Investment Grade CDS Index 79.13 -.72%

• America Energy Sector High-Yield CDS Index 1,906.0 -1.0%

• European Financial Sector CDS Index 81.12 -1.67%

• Western Europe Sovereign Debt CDS Index 21.68 -1.32%

• Asia Pacific Sovereign Debt CDS Index 82.69 -3.42%

• Emerging Market CDS Index 344.14 -3.31%
  

• iBoxx Offshore RMB China Corporates High Yield Index 118.53 +.27%

• 2-Year Swap Spread 11.5 -2.0 basis points

• TED Spread 29.25 -2.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -27.0 -1.75 basis points

Economic Gauges:

• 3-Month T-Bill Yield .06% +3.0 basis points

• Yield Curve 148.0 +3.0 basis points

• China Import Iron Ore Spot $57.28/Metric Tonne -1.41%

• Citi US Economic Surprise Index -24.7 -4.4 points

• Citi Eurozone Economic Surprise Index 20.4 -4.1 points

• Citi Emerging Markets Economic Surprise Index -24.0 +.3 point

• 10-Year TIPS Spread 1.57 +1.0 basis point
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 3.84 -.10

Overseas Futures:

• Nikkei 225 Futures: Indicating +244 open in Japan 
• China A50 Futures: Indicating -116 open in China

• DAX Futures: Indicating +53 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long