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TODAY’S S&P 500 SET-UP - May 5, 2011


As we look at today’s set up for the S&P 500, the range is 39 points or -1.14% downside to 1332 and 1.76% upside to 1371.

SECTOR AND GLOBAL PERFORMANCE


Energy and Financials remain broken on the TRADE duration leaving 7/9 sectors broken on TRADE and 8/9 broken on TREND.    

THE HEDGEYE DAILY OUTLOOK - levels 55

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING GLOBAL

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING GLOBAL

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1138 (-227)  
  • VOLUME: NYSE 1069.11 (+6.62%)
  • VIX:  17.08 +2.28% YTD PERFORMANCE: -3.77%
  • SPX PUT/CALL RATIO: 2.08 from 1.84 (+12.60%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 25.30 -0.200 (-0.784%)
  • 3-MONTH T-BILL YIELD: 0.03%
  • 10-Year: 3.25 from 3.28
  • YIELD CURVE: 2.65 from 2.67 

 

MACRO DATA POINTS:

  • 8:30 a.m.: Jobless claims, est. 410k, prior 429k
  • 8:30 a.m.: Non-Farm productivity, est. 1.1%, prior 2.6%
  • 8:30 a.m.: Net export sales
  • 9:15 a.m. Fed’s Evans speaks at Chicago conference
  • 9:30 a.m. Fed’s Bernanke speaks at Chicago conference
  • 9:45 a.m. Bloomberg Consumer Comfort Index, est. (-45.0), prior (-45.1)
  • 10 a.m.: Freddie Mac mortgage
  • 10:30 a.m.: EIA natural gas storage change
  • 1:15 p.m. Fed’s Kocherlakota speaks on monetary policy in California

WHAT TO WATCH:

  • Intl Game Technology launches tender offer to buy Swedish gaming company Entraction Holding AB for $115m
  • Ralcorp board unanimously rejects improved $86-shr bid from ConAgra Foods.
  • General Motors reports Q1 EPS $0.95 ex-items vs Reuters $0.91
  • Large Canadian banks look for ways to derail London Stock Exchange's (LSE.LN) takeover of TMX Group - Globe and Mail
  • British government review of solar subsidies proposes a cut in subsidies for large projects - FT
  • Google, Facebook have both held joint venture talks with Skype - Reuters
  • Monster Employment Index rises 9 points m/m in April to 145

COMMODITY/GROWTH EXPECTATION


THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Silver Investors Dump Futures as Comex Boosts Speculator Trading Costs 84%
  • World Food Prices Rise to Near-Record High as Inflation Speeds Up, UN Says
  • Coal’s Two-Year High May Spur Rebound in Chinese Imports: Energy Markets
  • Copper Falls to Seven-Week Low on Concern Policy Tightening May Sap Demand
  • Silver Extends Bear-Market Decline on Margins; Gold Trades Little Changed
  • Grains, Soybeans Drop, Erasing Gains, as Elevated Prices May Erode Demand
  • Wheat in China Unlikely to Get Enough Rain to Avoid Yield Cuts, DTN Says
  • Cocoa Falls on West Africa Mid-Crop Speculation; Sugar and Coffee Retreat

 

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • king keeps rate, asset plan steady as reports show UK economy is fading
  • European stocks slide for third day; Lloyds, Socgen tumble after earnings
  • Spain’s borrowing costs rise as demand declines at sale of five-year debt
  • Greek yields signal failure in region’s fiscal crisis policy  - euro credit
  • UK Apr services pmi 54.3 vs consensus 55.7 and prior 57.1

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

ASIA MARKETS

  • Asia Stocks Fall on Concern U.S. Economic Recovery Waning; Bharti Slides
  • Philippine Central Bank Raises Key Rate to 4.5% as Inflation Accelerates
  • Hong Kong Banks May Boost Lending to Small Companies on Property Slowdown
  • Indonesia’s Economic Growth Slows, Giving Central Bank Room to Hold Rates
  • Malaysia Raises Key Interest Rate to 3%, Boosts Reserve Ratio on Inflation
  • Australia March retail sales (0.5%) m/m vs consensus +0.5%.
  • Japan was closed for Children’s Day.
  • South Korea was closed for Orininal.
  • Thailand was closed for Coronation Day.

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING ASIA

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING ASIA

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director