Stocks Slightly Higher into Afternoon on Central Bank Hopes, Short-Covering, Less European Debt Angst, Biotech/Airline Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Around Even
• Sector Performance: Mixed
• Volume: Below Average
  

• Market Leading Stocks: Performing In Line
  

Equity Investor Angst:

• Volatility(VIX) 15.5 -1.9%
  

• Euro/Yen Carry Return Index 135.86 +.27%
  

• Emerging Markets Currency Volatility(VXY) 10.62 +.66%
  

• S&P 500 Implied Correlation 64.97 +1.98%
  

• ISE Sentiment Index 92.0 +42.42%
  

• Total Put/Call 1.11 +14.43%
  

• NYSE Arms 1.93 +55.28% 
  

Credit Investor Angst:

• North American Investment Grade CDS Index 64.66 +.16%
  

• America Energy Sector High-Yield CDS Index 1,005.0 -1.05%
  

• European Financial Sector CDS Index 66.29 -1.20%
  

• Western Europe Sovereign Debt CDS Index 22.12 -3.41%
  

• Asia Pacific Sovereign Debt CDS Index 62.1 +1.28%
  

• Emerging Market CDS Index 316.65 -.26%
• iBoxx Offshore RMB China Corporates High Yield Index 114.22 +.03%
  

• 2-Year Swap Spread 24.50 +.5 basis point
  

• TED Spread 24.25 -.75 basis point
  

• 3-Month EUR/USD Cross-Currency Basis Swap -23.75 -.5 basis point
  

Economic Gauges:

• 3-Month T-Bill Yield .03% unch.
  

• Yield Curve 138.0 unch.
  

• China Import Iron Ore Spot $53.14/Metric Tonne -4.0%
  

• Citi US Economic Surprise Index -62.9 -2.9 points
  

• Citi Eurozone Economic Surprise Index 52.10 -.2 point
  

• Citi Emerging Markets Economic Surprise Index -1.4 +1.8 points
  

• 10-Year TIPS Spread 1.78 -3.0 basis points
  

Overseas Futures:

• Nikkei Futures: Indicating +60 open in Japan
  

• DAX Futures: Indicating +35 open in Germany
  

Portfolio: 

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

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

• Market Exposure: Moved to 50% Net Long