Stocks Slightly Higher into Final Hour on Less European/Emerging Markets/US High-Yield Debt Angst, Oil Gain, Yen Weakness, Tech/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Slightly Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 9.97 +.1%

• Euro/Yen Carry Return Index 129.63 +.19%

• Emerging Markets Currency Volatility(VXY) 8.39 -.24%

• S&P 500 Implied Correlation 41.04 +2.42%

• ISE Sentiment Index 112.0 +10.9%
  

• Total Put/Call .84 +13.51%

• NYSE Arms .57 -40.75%

Credit Investor Angst:

• North American Investment Grade CDS Index 61.80 -.94%
  

• America Energy Sector High-Yield CDS Index 374.0 -2.01%

• European Financial Sector CDS Index 66.23 +.93%

• Western Europe Sovereign Debt CDS Index 7.76 +.58%

• Asia Pacific Sovereign Debt CDS Index 20.53 -.22%

• Emerging Market CDS Index 195.78 -1.42%
  

• iBoxx Offshore RMB China Corporate High Yield Index 137.50 -.01%

• 2-Year Swap Spread 25.0 -2.0 basis points

• TED Spread 29.25 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -30.5 -1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 72.04 +.49%
• 3-Month T-Bill Yield .89% unch.
  

• Yield Curve 106.0 +1.0 basis point
  

• China Import Iron Ore Spot $60.75/Metric Tonne unch.

• Citi US Economic Surprise Index -20.0 -.5 point

• Citi Eurozone Economic Surprise Index 70.20 -.4 point

• Citi Emerging Markets Economic Surprise Index 31.3 +.4 point

• 10-Year TIPS Spread 1.87 +1.0 basis point
  
• 97.2% chance of Fed rate hike at July 26 meeting, 98.5% chance at Sept. 20 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +80 open in Japan 
• China A50 Futures: Indicating +8 open in China

• DAX Futures: Indicating +15 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long