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.
- 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 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
- 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
- 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.