Stocks Higher into Afternoon on Jobs Report, Yen Weakness, Short-Covering, Financial/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Higher
  

• Sector Performance: Mixed
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 15.58 -3.83%

• Euro/Yen Carry Return Index 135.21 +.39%

• Emerging Markets Currency Volatility(VXY) 10.92 +.55%

• S&P 500 Implied Correlation 53.76 -4.60%

• ISE Sentiment Index 97.0 unch.

• Total Put/Call .97 -14.91%

• NYSE Arms .76 +4.25% 

Credit Investor Angst:

• North American Investment Grade CDS Index 86.81 +3.42%

• European Financial Sector CDS Index 165.41 +.55%

• Western Europe Sovereign Debt CDS Index 96.0 -4.20%

• Emerging Market CDS Index 346.80 +4.38%

• 2-Year Swap Spread 17.75 -.25 bp

• TED Spread 23.25 -.75 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 unch.

Economic Gauges:

• 3-Month T-Bill Yield .04% unch.

• Yield Curve 232.0 +19 bps

• China Import Iron Ore Spot $122.60/Metric Tonne +.49%

• Citi US Economic Surprise Index -14.0 -.8 point

• Citi Emerging Markets Economic Surprise Index -34.30 +.5 point

• 10-Year TIPS Spread 2.07 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +175 open in Japan

• DAX Futures: Indicating +35 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