Stocks Surging into Final Hour on Central Bank Hopes, Euro/Oil Bounce, Short-Covering, Metals & Mining/Energy Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Light

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 14.46 -1.43%

• Euro/Yen Carry Return Index 136.82 +.33%

• Emerging Markets Currency Volatility(VXY) 9.85 -2.48%

• S&P 500 Implied Correlation 63.07 -1.65%

• ISE Sentiment Index 112.0 +64.71%

• Total Put/Call .88 -21.43%

• NYSE Arms .61 +18.03% 

Credit Investor Angst:

• North American Investment Grade CDS Index 61.41 -2.37%

• America Energy Sector High-Yield CDS Index 1,112.0 -.54%

• European Financial Sector CDS Index 68.43 n/a

• Western Europe Sovereign Debt CDS Index 22.34 -.53%

• Asia Pacific Sovereign Debt CDS Index 58.21 -.63%

• Emerging Market CDS Index 298.57 -4.0%
  

• iBoxx Offshore RMB China Corporates High Yield Index 114.67 +.06%

• 2-Year Swap Spread 26.25 unch.

• TED Spread 26.25 +1.25 basis points

• 3-Month EUR/USD Cross-Currency Basis Swap -22.75 +.5 basis point

Economic Gauges:

• 3-Month T-Bill Yield .01% unch.

• Yield Curve 141.0 +4.0 basis points

• China Import Iron Ore Spot $47.08/Metric Tonne n/a

• Citi US Economic Surprise Index -56.5 -9.2 points

• Citi Eurozone Economic Surprise Index 63.70 +.6 point

• Citi Emerging Markets Economic Surprise Index 4.5 -.4 point

• 10-Year TIPS Spread 1.85 +4.0 basis points

Overseas Futures:

• Nikkei Futures: Indicating +219 open in Japan

• DAX Futures: Indicating +12 open in Germany

Portfolio: 

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

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

• Market Exposure: Moved to 75% Net Long