Stocks Higher into Afternoon on Less European/Emerging Markets/US High-Yield Debt Angst, Oil Bounce, Yen Weakness, Energy/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Around Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 13.75 +1.55%

• Euro/Yen Carry Return Index 121.23 +2.03%

• Emerging Markets Currency Volatility(VXY) 9.89 -1.0%

• S&P 500 Implied Correlation 49.06 -1.60%

• ISE Sentiment Index 125.0 +3.31%
  

• Total Put/Call .71 -6.58%

• NYSE Arms .68 -12.15% 

Credit Investor Angst:

• North American Investment Grade CDS Index 70.27 -2.70%
  

• America Energy Sector High-Yield CDS Index 720.0 -2.51%

• European Financial Sector CDS Index 97.18 -7.67%

• Western Europe Sovereign Debt CDS Index 30.64 -3.45%

• Asia Pacific Sovereign Debt CDS Index 48.55 -3.96%

• Emerging Market CDS Index 246.33 -3.24%
  

• iBoxx Offshore RMB China Corporate High Yield Index 130.59 +.03%

• 2-Year Swap Spread 16.55 +.25 basis point
  

• TED Spread 38.75 +1.0 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -43.25 unch.
  

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.65 +.34%
• 3-Month T-Bill Yield .28% unch.

• Yield Curve 83.0 +6.0 basis points
  

• China Import Iron Ore Spot $59.38/Metric Tonne +6.65%

• Citi US Economic Surprise Index 11.5 +1.9 points

• Citi Eurozone Economic Surprise Index 6.3 unch.

• Citi Emerging Markets Economic Surprise Index -16.70 -.3 point

• 10-Year TIPS Spread 1.49% +3.0 basis points
• 19.2% chance of Fed rate hike at Sept. 21 meeting, 19.2% chance at Nov. 2 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +520 open in Japan 
• China A50 Futures: Indicating +38 open in China

• DAX Futures: Indicating -9 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long