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
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
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
EUROPEAN MARKETS
- European equity markets trade higher; peripheral markets led the gains.
ASIAN MARKETS
- Asian market are generally higher..
MIDDLE EAST
Howard Penney
Managing Director
