Stocks Higher into Final Hour on Economic Optimism, Earnings Outlooks, Oil Gain, Retail/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Above Average

• Market Leading Stocks: Outperforming
  

Equity Investor Angst:

• Volatility(VIX) 9.38 -.53%

• Euro/Yen Carry Return Index 135.85 +.69%

• Emerging Markets Currency Volatility(VXY) 7.51 -.79%

• S&P 500 Implied Correlation 28.30 -2.21%

• ISE Sentiment Index 108.0 -4.42%
  

• Total Put/Call .79 -3.66%

• NYSE Arms .51 -60.1%

Credit Investor Angst:

• North American Investment Grade CDS Index 56.14 -.15%
  

• America Energy Sector High-Yield CDS Index 442.0 -2.08%

• European Financial Sector CDS Index 50.32 -.54%

• Western Europe Sovereign Debt CDS Index 4.22 -21.20%

• Asia Pacific Sovereign Debt CDS Index 20.68 -.91%

• Emerging Market CDS Index 194.67 +.25%
  

• iBoxx Offshore RMB China Corporate High Yield Index 140.45 unch.

• 2-Year Swap Spread 24.0 +.5 basis point

• TED Spread 13.5 -1.0 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -29.0 -1.0 basis point

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 73.55 -.15%
• 3-Month T-Bill Yield 1.15% -2.0 basis points
  

• Yield Curve 94.0 +5.0 basis points

• China Import Iron Ore Spot $69.48/Metric Tonne +2.39%

• Citi US Economic Surprise Index -45.50 +1.9 points

• Citi Eurozone Economic Surprise Index 14.30 +1.0 point

• Citi Emerging Markets Economic Surprise Index 15.10 unch.

• 10-Year TIPS Spread 1.81 +3.0 basis points
  
• 20.8% chance of Fed rate hike at Sept. 20 meeting, 24.1% chance at Nov. 1 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +130 open in Japan 
• China A50 Futures: Indicating +15 open in China

• DAX Futures: Indicating -9 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 100% Net Long