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 39 points or -1.88% downside to 1333 and 0.98% upside to 1377.
SECTOR AND GLOBAL PERFORMANCE
The Financials remain the only sector broken on both TRADE and TREND.
- ADVANCE/DECLINE LINE: 917 (+226)
- VOLUME: NYSE 975.24 (+1.43%)
- VIX: 14.75 0.89% YTD PERFORMANCE: -16.90%
- 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: 1.75 from 1.96
MACRO DATA POINTS:
- 10 a.m.: Construction spending, est. 0.4%, prior 1.4%
- 10 a.m.: ISM Manufacturing, est. 59.5, prior 61.2
- 11 a.m.: Export inspections: Corn, soybeans, wheat
- 11:30 a.m.: U.S. to sell $29b 3-mo. bills, $27b 6-mo. bills
- 4 p.m.: Crop progress: Winter wheat, cotton, corn
WHAT TO WATCH:
- India’s manufacturing grew at the fastest pace in five months and exports climbed to a record, increasing pressure on the central bank to raise interest rates
- Silver futures plunged as much as 13% after CME boosted margins
- Ralcorp said it received unsolicited takeover proposal in March, board determined wasn’t in best interest; CNBC reported Friday that ConAgra had expressed interest
COMMODITY HEADLINES FROM BLOOMBERG:
- Oil Drops Most in Two Weeks After U.S. Says Bin Laden Killed in Pakistan
- Copper Declines to 7-Week Low as Chinese Manufacturing Declined in April
- Corn Slips as Dollar’s Gain Cuts Demand for Commodities as Store of Value
- India Said to Consider Ending Four-Year Ban on Wheat Exports on Stockpiles
- Rubber Falls as China’s Manufacturing Index Declines More Than Forecast
- South Korea Seeking to Boost Wheat, Soybean Production to Reduce Imports
- Commodities Beat Financial Assets for Fifth Month in Best Streak Since ’97
- Cocoa Bean Exports From Indonesia’s Sulawesi Slump as Sales Suffer Delays
- Korea Investment Corp. Buys Noble Group Stake to Partner in Infrastructure
- Funds Slash Bullish Sugar Bets to Two-Year Low as Thailand Supplies Climb
- Codelco Waning Copper Pressures $17.5 Billion Bet to Catch Boom for Metals
- Bolivia President Morales to Overturn Laws on Mining, Banking, Investments
- European indices are trading higher a few hours after the announcement of Osama bin Laden's death.
- UK markets are closed for a bank holiday.
- Eurozone April final manufacturing PMI 58.0 vs consensus 57.7
- Germany April final manufacturing PMI 62.00 vs consensus 61.7
- France April Final Manufacturing PMI 57.5 vs consensus 56.9
ASIA PACIFIC MARKETS:
- Most Asian markets that were open rose today.
- China, Hong Kong, Taiwan, and Thailand were closed for Labour Day.