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TODAY’S S&P 500 SET-UP - November 18, 2010

As we look at today’s set up for the S&P 500, the range is 20 points or -0.64% downside to 1171 and 1.05% upside to 1191.  Equity futures are trading higher tracking strength in European and Asian equities. Concern over the Irish debt situation eased, while the Spanish bond auction did not go as bad as feared. In important economic data today: Initial Jobless Claims, October Leading Indicators, November Philadelphia Fed Index.

  • Dendreon (DNDN) won backing of FDA advisory panel for Provenge
  • DryShips (DRYS) reported 3Q adj. EPS 38c vs est. 25c
  • Limited Brands (LTD) raised FY adj. EPS forecast to $1.82-$1.97, vs est. $1.94; also declared special $3-shr dividend
  • PetSmart (PETM) reported 3Q EPS 38c vs est. 38c

 PERFORMANCE

  • One day: Dow (0.14%), S&P +0.02%, Nasdaq +0.25%, Russell 2000 +0.34%
  • Month-to-date: Dow (0.99%), S&P (0.39%)%, Nasdaq (1.25%), Russell +0.63%
  • Quarter-to-date: Dow +2.18%, S&P +3.28%, Nasdaq +4.53%, Russell +4.68%
  • Year-to-date: Dow +5.56%, S&P +5.69%, Nasdaq +9.12%, Russell +13.17%
  • Sector Performance: Disc +0.7%, Energy +0.4%, Healthcare +0.1%, Consumer Spls (0.01%), Tech (0.05%), Utilities (0.1%), Industrials (0.1%), Materials (0.1%), Telecom (0.2%), Financials (0.6%).

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 611 (+2860)  
  • VOLUME: NYSE - 943.05 (-30.23%)
  • VIX: 21.76 -3.63% - YTD PERFORMANCE - (+0.37%)
  • SPX PUT/CALL RATIO: 1.60 from 1.80 -11.24%  

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 15.15 -0.101 (-0.665%)
  • 3-MONTH T-BILL YIELD: 0.14% -0.01%
  • YIELD CURVE: 2.39 from 2.34

COMMODITY/GROWTH EXPECTATION:

  • CRB: 295.43 -0.27%
  • Oil: 80.42 -2.31% - BULLISH
  • COPPER: 373.40 +0.08% - BULLISH
  • GOLD: 1,337.32 flat - BULLISH

CURRENCIES:

  • EURO: 1.3531 +0.33% - BEARISH
  • DOLLAR: 79.084 -0.16%  - BULLISH

OVERSEAS MARKETS:

European markets:

  • FTSE 100: +1.41%; DAX: +1.42%; CAC 40: +1.64%
  • European markets are posting solid gains as investor appetite for risky assets returns amid rising hopes a solution to Ireland's banking crisis is near at hand.
  • The rally is being led by gains across most sectors with Basic resources, Construction Banks and Auto names prominent.
  • A number of strong earnings reports have also lifted sentiment with SABMiller posting consensus beating interims.
  • UK Oct Retail Sales (0.1%) y/y vs cons (0.1%)  

Asian markets:

  • Nikkei +2.06%; Hang Seng +1.8%; Shanghai Composite +0.94%
  • Asian markets were mostly up today, on speculation that concern over China’s anti-inflation policies may have been a bit too much.
  • Resource stocks powered much of the region's rises.
  • Financials led gains in Japan up 4-9%, as all 33 sectors rose.
  • Resource shares led a rise in Hong Kong.
  • Bargain-hunting lifted South Korea as worries about Ireland’s debt crisis eased.  Technology shares gained.
  • On a softer dollar, resource stocks outperformed after recent falls in China.
  • Australia was lifted by resource stocks, as banks declined slightly. 

Howard Penney
Manging Director

THE DAILY OUTLOOK - levels and trends

THE DAILY OUTLOOK - S P

THE DAILY OUTLOOK - VIX

THE DAILY OUTLOOK - DOLLAR

THE DAILY OUTLOOK - OIL

THE DAILY OUTLOOK - GOLD

THE DAILY OUTLOOK - COPPER