Stocks Rising into Final Hour on Yen Weakness, Short-Covering, Technical Buying, Biotech/Drug Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Gaining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.21 -1.12%

• Euro/Yen Carry Return Index 147.68 +.04%

• Emerging Markets Currency Volatility(VXY) 8.27 -1.73%

• S&P 500 Implied Correlation 56.21 -.44%

• ISE Sentiment Index 165.0 +77.42%

• Total Put/Call .71 -15.49% 

• NYSE Arms 1.09 +26.73% 

Credit Investor Angst:

• North American Investment Grade CDS Index 66.85 -1.28%

• European Financial Sector CDS Index 79.89 -.08%

• Western Europe Sovereign Debt CDS Index 35.11 -.07%
• Asia Pacific Sovereign Debt CDS Index 87.67 -.70%

• Emerging Market CDS Index 272.68 -1.61%

• China Blended Corporate Spread Index 351.19 -.91%
• 2-Year Swap Spread 14.50 -.5 basis point

• TED Spread 20.0 -.5 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -2.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .03% +1.0 basis point

• Yield Curve 233.0 unch.

• China Import Iron Ore Spot $113.30/Metric Tonne -2.75%

• Citi US Economic Surprise Index -23.60 +2.5 points

• Citi Emerging Markets Economic Surprise Index -24.80 -1.1 points

• 10-Year TIPS Spread 2.21 unch.

Overseas Futures:

• Nikkei Futures: Indicating +83 open in Japan

• DAX Futures: Indicating n/a open in Germany

Portfolio: 

• Higher: On gains in my tech/medical/biotech/retail sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 75% Net Long