Stocks Slightly Higher on Central Bank Hopes, Short-Covering, Tech/Precious Metals Sector Strength

Broad Equity Market Tone:

• Advance/Decline Line: Modestly Lower
  

• Sector Performance: Most Sectors Declining
  

• Volume: Light

• Market Leading Stocks: Performing In Line

Equity Investor Angst:

• Volatility(VIX) 16.57 +.79%

• Euro/Yen Carry Return Index 135.38 -.59%

• Emerging Markets Currency Volatility(VXY) 11.08 +2.88%

• S&P 500 Implied Correlation 56.75 +1.32%

• ISE Sentiment Index 97.0 +34.72%

• Total Put/Call 1.05 +2.94%

• NYSE Arms .80 -17.65% 

Credit Investor Angst:

• North American Investment Grade CDS Index 85.69 -.47%

• European Financial Sector CDS Index 169.88 +4.03%

• Western Europe Sovereign Debt CDS Index 103.12 +10.3%

• Emerging Market CDS Index 334.63 +1.76%

• 2-Year Swap Spread 18.0 +.5 bp

• TED Spread 24.0 -1.25 bps

• 3-Month EUR/USD Cross-Currency Basis Swap -11.0 -1.25 bps

Economic Gauges:

• 3-Month T-Bill Yield .04% +2.0 bps

• Yield Curve 213.0 +1 bp

• China Import Iron Ore Spot $120.50/Metric Tonne +1.0%

• Citi US Economic Surprise Index -13.20 -11.4 points

• Citi Emerging Markets Economic Surprise Index -34.80 +.8 point

• 10-Year TIPS Spread 2.04 -1 bp

Overseas Futures:

• Nikkei Futures: Indicating -12 open in Japan

• DAX Futures: Indicating unch. open in Germany

Portfolio: 

• Higher: On gains in my tech sector longs and emerging markets shorts

• Disclosed Trades: None

• Market Exposure: 25% Net Long