Stocks Slightly Higher into Final Hour on Central Bank Hopes, Yen Weakness, Buyout Speculation, Retail/Transport Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 11.70 -4.18%

• Euro/Yen Carry Return Index 143.63 +.36%

• Emerging Markets Currency Volatility(VXY) 6.70 +.45%

• S&P 500 Implied Correlation 48.83 -1.05%

• ISE Sentiment Index 102.0 -26.09%

• Total Put/Call .88 -2.22%

• NYSE Arms .48 -39.50% 

Credit Investor Angst:

• North American Investment Grade CDS Index 57.28 -.36%

• European Financial Sector CDS Index 63.72 -1.0%

• Western Europe Sovereign Debt CDS Index 32.01 -.03%
• Asia Pacific Sovereign Debt CDS Index 69.59 +.64%

• Emerging Market CDS Index 273.07 +2.42%

• China Blended Corporate Spread Index 314.06 +.54%
• 2-Year Swap Spread 21.75 -1.25 basis points

• TED Spread 21.0 -.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -14.25 unch.

Economic Gauges:

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

• Yield Curve 196.0 -1.0 basis point

• China Import Iron Ore Spot $92.30/Metric Tonne -.75%

• Citi US Economic Surprise Index -1.80 unch.

• Citi Emerging Markets Economic Surprise Index -11.90 +.4 point

• 10-Year TIPS Spread 2.18 unch.

Overseas Futures:

• Nikkei Futures: Indicating +89 open in Japan

• DAX Futures: Indicating +14 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 75% Net Long