Stocks Slightly Higher into Final Hour on Central Bank Hopes, Less Eurozone Debt Angst, Yen Weakness, Transport/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.60 -3.96%

• Euro/Yen Carry Return Index 149.04 -.03%

• Emerging Markets Currency Volatility(VXY) 8.17 -4.11%

• S&P 500 Implied Correlation 39.21 -5.79%

• ISE Sentiment Index 85.0 -24.11%

• Total Put/Call 1.08 +13.68%

• NYSE Arms 1.26 +52.95% 

Credit Investor Angst:

• North American Investment Grade CDS Index 64.27 -1.98%

• European Financial Sector CDS Index 64.50 -4.51%

• Western Europe Sovereign Debt CDS Index 31.61 -.88%
• Asia Pacific Sovereign Debt CDS Index 64.96 +.77%

• Emerging Market CDS Index 271.52 +.80%

• China Blended Corporate Spread Index 323.55 +.04%
• 2-Year Swap Spread 21.25 -.5 basis point

• TED Spread 21.25 unch.

• 3-Month EUR/USD Cross-Currency Basis Swap -10.50 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 182.0 +1.0 basis point

• China Import Iron Ore Spot $75.80/Metric Tonne +.05%

• Citi US Economic Surprise Index 15.60 +.6 point
• Citi Eurozone Economic Surprise Index -30.70 -1.7 points

• Citi Emerging Markets Economic Surprise Index -10.10 +3.2 points

• 10-Year TIPS Spread 1.94 unch.

Overseas Futures:

• Nikkei Futures: Indicating +190 open in Japan

• DAX Futures: Indicating -15 open in Germany

Portfolio: 

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

• Disclosed Trades: None

• Market Exposure: 50% Net Long