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    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP - June 30, 2011

As we look at today’s set up for the S&P 500, the range is 15 points or -1.03% downside to 1294 and 0.12% upside to 1309.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 630

THE HEDGEYE DAILY OUTLOOK - global performance

THE HEDGEYE DAILY OUTLOOK - daily sector view

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 1128 (-618)  
  • VOLUME: NYSE 913.00 (+13.5%)
  • VIX:  17.27 -9.91% YTD PERFORMANCE: -2.70%
  • SPX PUT/CALL RATIO: 1.40 from 1.43 (-1.60%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 22.54
  • 3-MONTH T-BILL YIELD: 0.02%
  • 10-Year: 3.148 from 3.05
  • YIELD CURVE: 2.67 from 2.57 

 

MACRO DATA POINTS:

  • 8:30am: Quarterly USDA reports
  • 8:30 a.m.: Acreage planted (cotton, corn, wheat, soybean)
  • 8:30 a.m.: Jobless claims, est. 420k, prior 429k
  • 8:30 a.m.: Net export sales
  • 9 a.m.: Treasury Secretary Geithner attends Clinton’s CGI America in Chicago
  • 9:45 a.m.: Chicago Purchasing Manager, est. 54.0, prior 56.6
  • 9:45 a.m.: Bloomberg Consumer Comfort, est. (-45.2) prior (-44.9)
  • 10 a.m.: Fed’s Bullard gives speech on QE in Missouri
  • 10 a.m.: NAPM Milwaukee, est. 59.0, prior 62.0
  • 10:30 a.m.: EIA natural gas
  • 1 p.m.: Fed’s Hoenig speaks in Des Moines

WHAT TO WATCH:

  • Germany’s biggest banks and insurers, the government said to agree on a draft proposal to roll over Greek debt holdings
  • Bank of America, Goldman among financial firms cutting jobs as equity, bond trading slows
  • American Airlines is discussing an order of as many as 280 new narrow-body jets, a deal that may worth at least $22.6b based on list prices

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Rice Supplies Tightening in China May Increase Imports, Bolster Inflation
  • Texas Cotton Farmers Abandon Record Acres on Drought as Gap’s Costs Rise
  • Crude Oil Falls, Heads for Quarterly Decline, Amid Signs of Ample Supplies
  • Corn Gains on Concern USDA Will Reduce Estimates for Acreage, Inventories
  • Copper May Climb on Reduced Concern Greek Debt Default Might Affect Banks
  • Cocoa Rises to Eight-Week High on Shortage Speculation; Sugar Prices Drop
  • Gold May Decline as Reduced Greek Default Concern Curbs Investment Demand
  • Silver ‘Euphoria’ Drops as India Buyers Return to Gold, Spot Exchange Says
  • Scrapping Record Fails to End ‘Nightmare’ for Shipowners: Freight Markets
  • Mining Boom Makes Truck Tires Pricier Than Porsches, Condominiums in Miami
  • Sugar Australia Buys Thai, Brazil Supplies for Second Time in Three Years
  • Lynas’s Malaysia Rare-Earth Plant Faces Delay on Government Safety Review
  • Dutch Poultry Bacteria Linked to Superbugs in People, Researchers Report
  • CBH Raises Western Australia Grain Harvest Forecast as Rains Boost Crops

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • European equity markets trade higher; peripheral markets led the gains.

THE HEDGEYE DAILY OUTLOOK - euro performance

ASIAN MARKETS

  • Asian market are generally higher..

THE HEDGEYE DAILY OUTLOOK - asia performance

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director