THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - May 17 2011

 

As we look at today’s set up for the S&P 500, the range is 9 points or -0.19% downside to 1327 and 0.49% upside to 1336.

 

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - levels 517

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: -1607 (+252)  
  • VOLUME: NYSE 907.30 (+0.99%)
  • VIX:  18.24 +6.85% YTD PERFORMANCE: +2.76%
  • SPX PUT/CALL RATIO: 1.88 from 1.81 (+3.76%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 24.02
  • 3-MONTH T-BILL YIELD: 0.04% +0.01%
  • 10-Year: 3.15 from 3.18
  • YIELD CURVE: 2.61 from 2.61 

 

MACRO DATA POINTS:

  • 8:30 a.m.: Housing starts, est. 569k, up 3.6%; prior 549k, up 0.8%
  • 8:30 a.m.: Building permits, est. 590k, up 0.9%, prior 594k, up 11.2%
  • 9:15 a.m.: Industrial production, up 0.4%, prior up 0.8%
  • 9:15 a.m.: Capacity utilization, est. 77.6%, prior 77.4%
  • 11:30 a.m.: U.S. to sell $28b in 4-week bills
  • 4:30 p.m.: API inventories  

WHAT TO WATCH:

  • WSJ notes that Department of Justice is stepping up its merger opposition
  • Luxembourg PM Jean-Claude Juncker raises issue of 'reprofiling' of Greek debt for first time - Bloomberg
  • Goldman, BofA and Morgan Stanley to meet with N.Y. Attorney General Eric Schneiderman as part of an investigation into mortgage securitization
  • Greece may delay payments under EU proposal to extend $156 bailout
  • International finance ministers discuss IMF managing director successorship after Strauss-Kahn arrest


COMMODITY/GROWTH EXPECTATION

 

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Global Food Prices Extending Gains Set to Raise Costs for Tyson, Kellogg
  • Crude Recovers in New York as European Ministers Endorse Aid to Portugal
  • Copper Rises for Fourth Day Before U.S. Housing-Starts, Production Reports
  • Gold Climbs as Physical Purchases, European Debt Concern Increase Demand
  • Corn Advances for Fourth Day as Wet Weather Delays Spring Planting in U.S.
  • Sugar Rises for Fourth Day on Speculation Surplus May Shrink; Coffee Gains
  • Wheat Damage Claims on Dry Weather May Signal Worse Harvest Than Forecast
  • Mississippi River Diversion Greatly Reduces Threat to Cities, Refineries
  • Cotton Moving Average Signals 21% Drop, Infinity Says: Technical Analysis
  • Soros Sheds Gold ETPs as Paulson Keeps Bet on Bullion Extending Record Run
  • Xstrata Record Profit Seen as Coal Cargoes Gain Amid Rout: Freight Markets
  • Petrobras Yield Gap Over Sovereign Debt Is a Buy Indication: Brazil Credit
  • Fonterra’s New Zealand Milk Production May Reach Record After Mild Autumn
  • Australia Canola Output May Reach Decade High, Matching Record, Group Says

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - daily currency view

 

EUROPEAN MARKETS

  • European equity markets trade mixed to lower
  • Germany May ZEW 91.5 vs consensus 87.5 and prior 87.1; Germany May ZEW economic sentiment +3.1 vs consensus +5.0 and prior +7.6
  • UK Apr RPI +5.2% y/y vs consensus +5.2% and prior +5.3%; UK Apr RPI +0.8% m/m vs consensus +0.8% and prior +0.5%
  • UK Apr CPI +4.5% y/y vs consensus +4.2% and prior +4.0%; UK Apr CPI +1.0% m/m vs consensus +0.7% and prior +0.3%

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

 

ASIAN MARKETS

  • Thailand was closed for Visakha Bucha Day
  • Singapore was closed for Vesak Day
  • Indonesia was closed for Waisak.
  • Asian markets were mixed to unchanged on the 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


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