Stocks Reversing Slightly Higher into Final Hour on Less Eurozone Debt Angst, Central Bank Hopes, Short-Covering, Restaurant/Biotech Sector Strength

Click Here for Today's Market Take.

Broad Equity Market Tone:

• Advance/Decline Line: Lower
  

• Sector Performance: Mixed
  

• Volume: Below Average

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 12.85 -.93%
• Euro/Yen Carry Return Index 135.96 -1.12%
• Emerging Markets Currency Volatility(VXY) 9.11 -.33%
• S&P 500 Implied Correlation 50.52 -2.41%

• ISE Sentiment Index 97.0 -17.80%

• Total Put/Call 1.0 +4.17%

• NYSE Arms 1.0 +21.20% 

Credit Investor Angst:

• North American Investment Grade CDS Index 74.50 -2.75%

• European Financial Sector CDS Index 147.16 -1.0%

• Western Europe Sovereign Debt CDS Index 89.0 unch.

• Emerging Market CDS Index 301.59 +3.55%

• 2-Year Swap Spread 16.25 +1.25 bps

• TED Spread 25.0 +.25 bp

• 3-Month EUR/USD Cross-Currency Basis Swap -8.75 +.75 bp

Economic Gauges:

• 3-Month T-Bill Yield .02% unch.

• Yield Curve 225.0 unch.

• China Import Iron Ore Spot $132.60/Metric Tonne +.38%

• Citi US Economic Surprise Index -3.40 +1.3 points
• Citi Emerging Markets Economic Surprise Index -30.0 -.2 point

• 10-Year TIPS Spread 2.14 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -149 open in Japan

• DAX Futures: Indicating +35 open in Germany

Portfolio: 

• Slightly Higher: On gains in my biotech/retail sector longs and emerging markets shorts
• Disclosed Trades: None
• Market Exposure: 75% Net Long