Stocks Surging into Final Hour on US Economic Data, Yen Weakness, Short-Covering, Biotech/Healthcare Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Outperforming

Equity Investor Angst:

• Volatility(VIX) 14.49 -10.33%

• Euro/Yen Carry Return Index 143.46 +.03%

• Emerging Markets Currency Volatility(VXY) 7.81 +.13%

• S&P 500 Implied Correlation 51.18 -9.86%

• ISE Sentiment Index 74.0 -10.84%

• Total Put/Call .92 -8.91%

• NYSE Arms .90 +3.07% 

Credit Investor Angst:

• North American Investment Grade CDS Index 58.87 -6.60%

• European Financial Sector CDS Index 58.72 -7.47%

• Western Europe Sovereign Debt CDS Index 26.47 -2.54%
• Asia Pacific Sovereign Debt CDS Index 70.02 -2.42%

• Emerging Market CDS Index 279.36 -.30%

• China Blended Corporate Spread Index 319.36 -.1%
• 2-Year Swap Spread 25.75 -.5 basis point

• TED Spread 22.75 +.25 basis point

• 3-Month EUR/USD Cross-Currency Basis Swap -10.0 -.25 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 188.0 -2.0 basis points

• China Import Iron Ore Spot $77.50/Metric Tonne n/a

• Citi US Economic Surprise Index 18.30 +6.9 basis points

• Citi Emerging Markets Economic Surprise Index -18.60 +.8 point

• 10-Year TIPS Spread 1.94 -2.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +282 open in Japan

• DAX Futures: Indicating +19 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long