TODAY’S S&P 500 SET-UP - April 15, 2011
As we look at today’s set up for the S&P 500, the range is 9 points or -0.32% downside to 1301 and 0.37% upside to 1310.
SECTOR AND GLOBAL PERFORMANCE
We now have 5 of 9 sectors positive on TRADE and 8 of 9 sectors positive on TREND.
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: -1182 (-1105)
- VOLUME: NYSE 1042.27 (+0.20%)
- VIX: 16.96 +10.70% YTD PERFORMANCE: -4.45%
- SPX PUT/CALL RATIO: 1.80 from 2.11 (-14.69%)
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 22.305
- 3-MONTH T-BILL YIELD: 0.07%
- 10-Year: 3.40 from 3.43
- YIELD CURVE: 2.71 from 2.72
MACRO DATA POINTS:
- 8:30 a.m.: Building Permits, est. 540k, prior 517k
- 8:30 a.m.: Housing Starts, est. 520k, 479k
- 11:00 a.m.: EU’s Barnier speaks at Banker’s conference in Brussels
- 04:30 p.m.: API U.S. Crude Oil Inventories, est. 1187k
WHAT TO WATCH:
- Earnings: IBM, INTC, JNJ, GS, YHOO, WYNN, STX, PCAR, ISRG
- Economic: March housing starts, building permits
- Other: 11am Energy Department, Office of Fossil Energy meeting of Ultra-Deepwater advisory committee
- Default Swaps Drop as Plant Cools, S&P Warns U.S.: Japan Credit
- Greece Sells Bills as Two-Year Yield Tops 20%: Euro Credit
COMMODITY/GROWTH EXPECTATIONS:
COMMODITY HEADLINES FROM BLOOMBERG:
- China Crops in Shortest Supply as Vanishing Farms Spur Rising Food Futures
- Oil Falls for a Second Day as Economic Outlook Prompts Fuel Demand Concern
- Copper Rises, Rebounding From Losing Streak, on Robust China Manufacturing
- Wheat Advances for a Third Day on Deteriorating Crop Conditions in U.S.
- Gold, Near $1,500 an Ounce, Trades Little Changed in London; Silver Slips
- Coffee Climbs on Speculation of Winter Crop Damage in Brazil; Cocoa Falls
- Zinc Production in Japan Drops as Imports Set to Increase to 10-Year High
- Sugar, Rice Output to Gain as India Predicts Normal Rain for Second Year
- Gold May Reach Record $1,520, Sarin of Barclays Says: Technical Analysis
- Steel Demand in Japan to Slow as Carmakers Cut Operations, Federation Says
- Oil Bets at $80 Soar After Prices Approach Three-Year High: Energy Markets
- Alumina Says Some Customers Are Balking at Change to Short-Term Cash Price
- China Helps Domestic Seed Makers With Tax Breaks to Ensure Grain Security
- U.S. Feedlots Purchase More Cattle Because of Drought, According to Survey
CURRENCIES:
EUROPEAN MARKETS:
- European Stocks Rebound From Biggest Decline in a Month; LVMH, SKF Advance
- Vedanta Said to Buy 11% of Cairn India From Petronas in $2.1 Billion Deal
- European Services, Manufacturing Growth Unexpectedly Accelerates in April
- J&J-Synthes Merger Obscures Product Recalls in Instant Makeover: Real M&A
- Greek Default Drive Risks Reviving Euro-Region Contagion as Bonds Plunge
- Wellink Calls ECB Rate Increase a Signal to Anchor Inflation Expectations
- Novartis Rises as Profit, Sales Beat Estimates on Generic Lovenox, Gleevec
- Tesco Full-Year Profit Rises Less Than Estimated as Quarterly Sales Drop
- Frankfurt Cargo Suggests German Export Growth Will Slow: Chart of the Day
- Bahrain Sukuk Beaten This Year by Emerging Debt on Unrest: Islamic Finance
- Italy Shelving Nuclear Means Fiat to Keep Paying Most for Power in Europe
- Kengeter Plan Thwarted at UBS Spurs Gruebel Cuts to Buoy Return on Equity
ASIA PACIFIC MARKETS:
- Asia Stocks Fall For Third Day as U.S. Credit Outlook Cut; Cnooc Retreats
- Euro Advances Versus Dollar, Yen as Data Points to Higher Interest Rates
- Seagate to Buy Samsung’s Hard-Disk Unit for $1.38 Billion, Build Alliance
- Apple Claims Samsung Copies IPhone, IPad in Galaxy Phone, Tablet Products
- Bank Risk Rises Most Since January on Fitch Bad-Debt Warning: China Credit
- Foreign Direct Investment in China Surges 33% as Zhou Sees Excess Reserves
- Nuclear Power Bond Tests Confidence in World's Biggest Plant: India Credit
- Google, Itochu, Sumitomo Buy Stake in $2 Billion Wind-Power Farm in Oregon
- BRIC Stocks' Longest Rally Since 1997 Seen Doomed as Interest Rates Rise
- Chinese Developers Soar In Hong Kong as Sales Defy Curbs: Chart of the Day
- Asahi Bicycle Sales Double as Commuters Haunted by Quake Seek Alternative
- China Crops in Shortest Supply as Vanishing Farms Spur Rising Food Futures
MIDDLE EAST:
Howard Penney
Managing Director