Stocks Surging into Final Hour on Central Bank Hopes, Earnings Optimism, Diminished Global Growth Fears, Healthcare/Technology Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Above Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.35 -.69%

• Euro/Yen Carry Return Index 139.62 -.31%

• Emerging Markets Currency Volatility(VXY) 10.83 +1.21%

• S&P 500 Implied Correlation 57.09 -4.56%

• ISE Sentiment Index 113.0 +8.65%

• Total Put/Call .81 -10.0%

• NYSE Arms 1.04 -5.36% 

Credit Investor Angst:

• North American Investment Grade CDS Index 77.50 -3.81%

• America Energy Sector High-Yield CDS Index 1,074.0 +9.93%

• European Financial Sector CDS Index 67.69 -5.0%

• Western Europe Sovereign Debt CDS Index 18.82 -1.75%

• Asia Pacific Sovereign Debt CDS Index 71.70 -3.54%

• Emerging Market CDS Index 323.95 -1.49%
  

• iBoxx Offshore RMB China Corporates High Yield Index 121.99 +.16%

• 2-Year Swap Spread 12.5 +.25 basis point

• TED Spread 32.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -29.0 -.5 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.13 -.29%
• 3-Month T-Bill Yield .00% unch.

• Yield Curve 144.0 +1.0 basis point

• China Import Iron Ore Spot $51.62/Metric Tonne -1.07%

• Citi US Economic Surprise Index -.1 +5.2 points

• Citi Eurozone Economic Surprise Index 22.2 +13.5 points

• Citi Emerging Markets Economic Surprise Index -13.40 +2.0 points

• 10-Year TIPS Spread 1.52 +4.0 basis points
• # of Months to 1st Fed Rate Hike(Morgan Stanley) 6.68 +.35

Overseas Futures:

• Nikkei 225 Futures: Indicating +385 open in Japan 
• China A50 Futures: Indicating +258 open in China

• DAX Futures: Indicating +48 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long