Stocks Slightly Higher into Final Hour on Diminished Global Growth Fears, Yen Weakness, Short-Covering, Retail/Metals & Mining Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: About Even
  

• Sector Performance: Mixed
  

• Volume: Around Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 13.28 +1.27%

• Euro/Yen Carry Return Index 148.95 -.15%

• Emerging Markets Currency Volatility(VXY) 8.37 -.48%

• S&P 500 Implied Correlation 52.68 +.53%

• ISE Sentiment Index 102.0 +7.37%

• Total Put/Call .62 -38.0% 

• NYSE Arms .64 -42.22% 

Credit Investor Angst:

• North American Investment Grade CDS Index 67.46 -.05%

• European Financial Sector CDS Index 88.49 +.25%

• Western Europe Sovereign Debt CDS Index 44.69 -2.89%
• Asia Pacific Sovereign Debt CDS Index 87.87 -.34%

• Emerging Market CDS Index 288.50 +1.36%

• China Blended Corporate Spread Index 353.89 -1.29%
• 2-Year Swap Spread 11.25 -.75 basis point

• TED Spread 21.0 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -3.25 -.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% -1.0 basis point

• Yield Curve 235.0 +3.0 basis points

• China Import Iron Ore Spot $115.30/Metric Tonne -1.96%

• Citi US Economic Surprise Index -32.80 +1.7 points

• Citi Emerging Markets Economic Surprise Index -8.20 -1.0 point

• 10-Year TIPS Spread 2.15 +1.0 basis point

Overseas Futures:

• Nikkei Futures: Indicating +117 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

• Slightly Lower: On losses in my biotech/tech sector longs

• Disclosed Trades: Added to my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 25% Net Long