Stocks Higher into Final Hour on Less European Debt Angst, Oil Gain, Yen Weakness, Biotech/Homebuilding Sector Strength

 Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming
  

Equity Investor Angst:

• Volatility(VIX) 15.3 -9.0%

• Euro/Yen Carry Return Index 134.67 +1.22%

• Emerging Markets Currency Volatility(VXY) 9.81 -1.31%

• S&P 500 Implied Correlation 37.42 +3.31%

• ISE Sentiment Index 99.0 -5.71%
  

• Total Put/Call 1.19 -8.46%

• NYSE Arms 1.24 -23.89%

Credit Investor Angst:

• North American Investment Grade CDS Index 67.03 -1.49%
  

• America Energy Sector High-Yield CDS Index 398.0 -.87%

• European Financial Sector CDS Index 89.96 -4.21%

• Italian/German 10Y Yld Spread 237.75 -8.25 basis points
  

• Asia Pacific Sovereign Debt CDS Index 15.0 +1.53%

• Emerging Market CDS Index 191.32 +.98%
  

• iBoxx Offshore RMB China Corporate High Yield Index 147.79 -.64%

• 2-Year Swap Spread 26.25 -.25 basis point

• TED Spread 42.25 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -6.5 unch.

Economic Gauges:

• Bloomberg Emerging Markets Currency Index 69.54 +.26%
• 3-Month T-Bill Yield 1.91% -1.0 basis point
  

• Yield Curve 31.75 -.75 basis point

• China Iron Ore Spot 64.40 USD/Metric Tonne -.33%

• Citi US Economic Surprise Index -4.90 -2.6 points

• Citi Eurozone Economic Surprise Index -61.0 -.6 point

• Citi Emerging Markets Economic Surprise Index -11.70 +.2 point

• 10-Year TIPS Spread 2.12 unch.
  
• 77.3% chance of Fed rate hike at Sept. 26th meeting, 77.9% chance at November 8th meeting

Overseas Futures:

• Nikkei 225 Futures: Indicating -19 open in Japan 
• China A50 Futures: Indicating -89 open in China

• DAX Futures: Indicating -21 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long