TODAY’S S&P 500 SET-UP - April 29, 2011
As we look at today’s set up for the S&P 500, the range is 34 points or -1.99% downside to 1333 and 0.51% upside to 1367.
SECTOR AND GLOBAL PERFORMANCE
The Financials remain the only sector broken on both TRADE and TREND.
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: 691 (-141)
- VOLUME: NYSE 961.53 (+0.06%)
- VIX: 14.37 -6.38% YTD PERFORMANCE: -19.04%
- SPX PUT/CALL RATIO: 1.21 from 1.15 (+5.28%)
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 22.25
- 3-MONTH T-BILL YIELD: 0.06% -0.01%
- 10-Year: 3.39 from 3.34
- YIELD CURVE: 1.96 from 1.21
MACRO DATA POINTS:
- 8:30 a.m.: Personal Income, est. 0.4%, prior 0.3%
- 8:30 a.m.: Personal Spending, est. 0.5%, prior 0.7%
- 8:40 a.m.: Fed’s Bullard to speak on community development in Virginia
- 9:45 a.m.: Chicago Purchasing Manager, est. 68.2, prior 70.6
- 9:55 a.m.: U Michigan Confidence, April final, est. 70.0, prior 69.6
- 10 a.m.: NAPM-Milwaukee, est 63.0, prior 66.0
- 12:30 p.m.: Bernanke speaks at Fed Community-Affairs Conference
- 1 p.m.: Baker Hughes rig count, prior 1800
WHAT TO WATCH:
- Russia Unexpectedly Raises Benchmark Interest Rate Quarter Point to 8.25%
- PPC facing at least $500 million in higher feed costs this year
- Berkshire Hathaway annual meeting this weekend
COMMODITY/GROWTH EXPECTATION
COMMODITY HEADLINES FROM BLOOMBERG:
- Gold-Buying Central Banks May Signal Bullion Extending Record Price Rally
- Copper Futures in Shanghai Heading for Second Monthly Loss on China Curbs
- Gold Heads for Best Monthly Gain Since November 2009 on Inflation, Dollar
- Crude Oil Falls From Highest in 31 Months; Heads for Eighth Monthly Gain
- Coffee May Climb 40% on Brazil Frost Risk as Kraft, Smucker Raise Prices
- India Said to Consider Freeing Urea Price to Reduce Spending on Subsidies
- Corn Demand in China to Outstrip Supplies on Livestock Feed
- Naphtha’s Rally Not Over as Japan, Korean Demand Rebounds: Energy Markets
- Wheat Futures Gain as Rains in U.S. May Have Come Too Late for Harvests
- China May Face Power Shortages in Summer as Demand Beats Growth in Supply
CURRENCIES
EUROPEAN MARKETS
- U.K. markets closed for the Royal Wedding. Also closed Monday
- Inflation Accelerates in Europe on Oil Surge as Business Confidence Wanes
- European Stocks Are Little Changed; Yara, SSAB Rise on Earnings, YIT Sinks
- Euro Zone April CPI 2.8% y/y vs 2.7% consensus
- France Mar PPI +6.6% y/y vs. consensus +6.4%
ASIA PACIFIC MARKTES:
- Asia stocks mixed as US economic growth slows
- Yuan strengthens to post-’93 high against dollar as China fights inflation
- Taiwan’s economy grows more-than-estimated 6.19%, adding pressure on rates
- Japan was closed for Showa day.
MIDDLE EAST
Howard Penney
Managing Director
