Stocks Higher into Final Hour on Less Eurozone/Asian Debt Angst, Central Bank Hopes, Short-Covering, Metals & Mining/Biotech Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Substantially Higher
  

• Sector Performance: Most Sectors Rising
  

• Volume: Below Average

• Market Leading Stocks: Underperforming

Equity Investor Angst:

• Volatility(VIX) 16.15 -4.21%
• Euro/Yen Carry Return Index 135.76 +.93%
• Emerging Markets Currency Volatility(VXY) 10.71 -2.28%
• S&P 500 Implied Correlation 58.05 +.2%

• ISE Sentiment Index 94.0 +4.44%

• Total Put/Call .88 -5.3%

• NYSE Arms 1.08 -20.62% 

Credit Investor Angst:

• North American Investment Grade CDS Index 84.10 -3.45%

• European Financial Sector CDS Index 163.62 -1.93%

• Western Europe Sovereign Debt CDS Index 93.93 -1.13%

• Emerging Market CDS Index 314.95 -1.59%

• 2-Year Swap Spread 15.5 +.25 bp

• TED Spread 26.25 +2.0 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -9.75 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .01% -2 bps

• Yield Curve 213.0 +1 bp

• China Import Iron Ore Spot $116.90/Metric Tonne +.34%

• Citi US Economic Surprise Index -3.6 +5.4 points
• Citi Emerging Markets Economic Surprise Index -34.60 +2.5 points

• 10-Year TIPS Spread 2.02 +3 bps

Overseas Futures:

• Nikkei Futures: Indicating +208 open in Japan

• DAX Futures: Indicating -14 open in Germany

Portfolio: 

• Higher: On gains in my tech/biotech/medical/retail sector longs
• Disclosed Trades: Added to my (IWM)/(QQQ) hedges, added to my (EEM) short
• Market Exposure: Moved to 25% Net Long