Stocks Surging into Final Hour on Central Bank Hopes, Short-Covering, Technical Buying, Tech/Restaurant Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 15.11 -9.52%

• Euro/Yen Carry Return Index 140.12 -1.40%

• Emerging Markets Currency Volatility(VXY) 10.90 -.91%

• S&P 500 Implied Correlation 60.16 -3.43%

• ISE Sentiment Index 79.0 -26.85%

• Total Put/Call .93 -3.12%

• NYSE Arms 1.23 -9.26% 

Credit Investor Angst:

• North American Investment Grade CDS Index 80.48 -2.08%

• America Energy Sector High-Yield CDS Index 1,074.0 +.03%

• European Financial Sector CDS Index 71.25 -3.39%

• Western Europe Sovereign Debt CDS Index 19.16 -7.04%

• Asia Pacific Sovereign Debt CDS Index 74.83 -4.44%

• Emerging Market CDS Index 329.33 -2.0%
  

• iBoxx Offshore RMB China Corporates High Yield Index 121.80 +.05%

• 2-Year Swap Spread 12.25 +1.5 basis points

• TED Spread 32.5 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -28.5 -3.75 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.34 +.08%
• 3-Month T-Bill Yield .00% unch.

• Yield Curve 143.0 +2.0 basis points

• China Import Iron Ore Spot $52.18/Metric Tonne -1.16%

• Citi US Economic Surprise Index -5.30 +.3 point

• Citi Eurozone Economic Surprise Index 8.70 -.3 point

• Citi Emerging Markets Economic Surprise Index -15.40 +.2 point

• 10-Year TIPS Spread 1.48 +2.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.33 -.04

Overseas Futures:

• Nikkei 225 Futures: Indicating +484 open in Japan 
• China A50 Futures: Indicating +125 open in China

• DAX Futures: Indicating +69 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long