Stocks Surging into Afternoon on Diminished Hurricane Irma Concerns, Less Geopolitical Fear, Yen Weakness, Financial/Tech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Almost Every Sector Rising
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 10.8 -11.1%

• Euro/Yen Carry Return Index 136.43 +.81%

• Emerging Markets Currency Volatility(VXY) 7.7 -4.42%

• S&P 500 Implied Correlation 29.23 -12.5%

• ISE Sentiment Index 270.0 +241.8%
  

• Total Put/Call .94 -13.0%

• NYSE Arms 1.0 -24.5%

Credit Investor Angst:

• North American Investment Grade CDS Index 57.77 -3.76%
  

• America Energy Sector High-Yield CDS Index 444.0 -.25%

• European Financial Sector CDS Index 50.32 -2.67%

• Western Europe Sovereign Debt CDS Index 5.40 -1.8%

• Asia Pacific Sovereign Debt CDS Index 18.89 -2.95%

• Emerging Market CDS Index 174.33 -1.36%
  

• iBoxx Offshore RMB China Corporate High Yield Index 141.63 +.09%

• 2-Year Swap Spread 22.0 -2.0 basis points

• TED Spread 27.0 -.75 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -23.25 -1.25 basis points

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 75.11 -.15%
• 3-Month T-Bill Yield 1.04% unch.
  

• Yield Curve 81.0 +2.0 basis points

• China Import Iron Ore Spot $74.49/Metric Tonne -4.98%

• Citi US Economic Surprise Index -16.10 +7.7 points

• Citi Eurozone Economic Surprise Index 19.30 -.3 point

• Citi Emerging Markets Economic Surprise Index 21.20 -4.3 basis points

• 10-Year TIPS Spread 1.84 +3.0 basis points
  
• 13.8% chance of Fed rate hike at Nov. 1 meeting, 41.3% chance at Dec. 13 meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating +60 open in Japan 
• China A50 Futures: Indicating +66 open in China

• DAX Futures: Indicating +25 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long