Stocks Slightly Higher into Final Hour on Central Bank Hopes, Short-Covering, Earnings Optimism, Tech/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Slightly Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 12.18 -3.26%

• Euro/Yen Carry Return Index 143.95 -.03%

• Emerging Markets Currency Volatility(VXY) 5.85 -1.02%

• S&P 500 Implied Correlation 50.36 -2.85%

• ISE Sentiment Index 97.0 +2.11%

• Total Put/Call .79 -25.47%

• NYSE Arms 1.11 -3.45% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.23 +.72%

• European Financial Sector CDS Index 71.69 +.17%

• Western Europe Sovereign Debt CDS Index 36.89 +1.35%

• Asia Pacific Sovereign Debt CDS Index 71.96 +.69%

• Emerging Market CDS Index 225.60 -.31%

• China Blended Corporate Spread Index 303.39 +1.11%

• 2-Year Swap Spread 16.75 unch.

• TED Spread 21.75 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -11.5 +.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 207.0 -1.0 basis point

• China Import Iron Ore Spot $96.90/Metric Tonne unch.

• Citi US Economic Surprise Index -13.10 -.5 point

• Citi Emerging Markets Economic Surprise Index -4.40 +1.6 points

• 10-Year TIPS Spread 2.27 unch.

Overseas Futures:

• Nikkei Futures: Indicating +56 open in Japan

• DAX Futures: Indicating +2 open in Germany

Portfolio: 

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

• Disclosed Trades: Covered some of my (IWM)/(QQQ) hedges

• Market Exposure: Moved to 50% Net Long