THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - July 1, 2011

 

As we look at today’s set up for the S&P 500, the range is 27 points or -2.02% downside to 1294 and 0.03% upside to 1321.

 

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - levels 71

 

THE HEDGEYE DAILY OUTLOOK - global performance

 

THE HEDGEYE DAILY OUTLOOK - daily sector view

 

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 1398 (+270)  
  • VOLUME: NYSE 996.05 (+9.10%)
  • VIX:  16.52 -4.34% YTD PERFORMANCE: -6.93%
  • SPX PUT/CALL RATIO: 1.38 from 1.40 (-1.77%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 23.05
  • 3-MONTH T-BILL YIELD: 0.03%
  • 10-Year: 3.18 from 3.14
  • YIELD CURVE: 2.73 from 2.67 

 

MACRO DATA POINTS:

  • 9:55 a.m.: UMichigan Confidence, June F, est. 72.0, prior 71.8
  • 10 a.m.: Construction spending, est. 0.1%, prior 0.4%
  • 10 a.m.: ISM Manufacturing, est. 52.0, prior 53.5
  • 1 p.m.: Baker Hughes Rig Count
  • 2 p.m.: USDA cattle, hog slaughter

WHAT TO WATCH:

  • Questions about credibility of accuser in ex-IMF chief Strauss-Kahn’s case said to place it in jeopardy
  • NBA becomes second U.S. sports league to lock out players
  •  Treasury Secretary Geithner’s potential departure from the administration would force President Obama to assemble a new economic team as the 2012 election looms, with jobs a top voter concern.
  • Senate in session, House in recess

 

COMMODITY/GROWTH EXPECTATION

 

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • China May Buy U.S. Corn as Price Slumps 11% on Acreage: Chart of the Day
  • Corn Extends Worst Monthly Loss Since 2008, Wheat Drops as Food Costs Ease
  • Commodity-Futures Trade in China Plunges 30% as Rules Restrain Speculation
  • Oil Drops on Signs of China, U.S. Slowdown; IEA and OPEC Supplies Increase
  • Gold Falls to Six-Week Low Amid Reduced Concern Greece May Default on Debt
  • Coffee Falls on Signs of Limited Frost Damage in Brazil; Cocoa Retreats
  • Copper Erases Drop on London Metal Exchange, Trades at $9,445 a Metric Ton
  • U.K. Crop Losses Narrow as Rain Last Month Follows Driest Spring on Record
  • Rice Output in Indonesia May Climb on Increased Planting, Reducing Imports
  • Lead-Battery Production in China Seen Dropping by Half on Pollution Rules
  • Muddy Waters Is Looking at More ‘Suspicious’ Chinese Companies, Block Says
  • Brent to Recover From Decline as Supply Boost Seen Failing: Energy Markets
  • Philippine Investment Push Lures Sumitomo as Aquino Plans Roads, Airports
  • Gold May Gain Next Week as Slowing Economies Stoke Demand, Survey Shows

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - daily currency view

 

 

EUROPEAN MARKETS

  • European equity markets trade mixed.
  • Jun final Manufacturing PMI; France 52.5 vs preliminary 52.5; Germany 54.6 vs preliminary 54.9
  • EuroZone 52.0 vs preliminary 52.0
  • UK Jun Manufacturing PMI 51.3 vs consensus 52.1, prior revised 52.0 from 52.1

 

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