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TODAY’S S&P 500 SET-UP - July 11, 2011

As we look at today’s set up for the S&P 500, the range is 39 points or -1.47% downside to 1324 and 1.43% upside to 1363.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 711

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1202 (-2926)  
  • VOLUME: NYSE 771.13 (-8.57%)
  • VIX:  15.95 YTD PERFORMANCE: -10.14%
  • SPX PUT/CALL RATIO: 1.65 from 1.15 (-44.05%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 22.57
  • 3-MONTH T-BILL YIELD: 0.03%
  • 10-Year: 3.03 from 3.17
  • YIELD CURVE: 2.63 from 2.68

 

MACRO DATA POINTS:

  • 11 a.m.: Export inspections: Corn, soybeans, wheat
  • 11:30 a.m.: U.S. to sell $27b in 3-mo., $24b in 6-mo. bills
  • 4 p.m.: Crop conditions

WHAT TO WATCH:

  • Ruth’s Hospitality (RUTH) may rise as much as 40% in next 18 mos. as economy rebounds: Barron’s, citing Rollins Capital
  • Morgan Stanley (MS) may be attractively priced after 27% plunge from its Feb. high: Barron’s
  • European officials meet today to consider how to dig Greece out of its financial hole; meanwhile markets are battering bonds of Spain, Italy
  • Williams board was expected to meet yesterday about whether to raise its bid for Southern Union, CNBC reported. SUG trading ~5% above Energy Transfer’s offer price
  • Monsanto, Sinochem said to be in advanced talks over strengthening ties between cos.: WSJ
  • “Transformers: Dark of the Moon” top-grossing film at U.S., Canadian theaters for second weekend, taking in $47m 

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Copper May Decline on Concern Sovereign-Debt Crisis Might Spread to Italy
  • Gold May Advance for a Sixth Day as Growth Concern Fuels Demand for Haven
  • Wheat Drops as India May Allow 2 Million Tons for Sale to Foreign Buyers
  • Sugar Drops as Sovereign-Debt Crisis May Spread to Italy; Coffee Slides
  • Platinum Eyes ‘Top End’ of India’s Mass Bullion Jewelry Market, Group Says
  • Monsoon Rain Covering India a Week Early Boost Crops From Rice to Soybeans
  • Tin Exports From Indonesia Jump to Highest Level Since 2009 as Rain Eases
  • Codelco Miners Fight Job Cuts in Company’s First General Strike Since 1993
  • Palm Oil Stockpiles in Malaysia Climb to 18-Month High on Increased Output
  • Copper Imports by China Climb for First Time in Three Months on Stockpiles
  • Gillard Hits Miners as Bond Spreads Widen Most in Year: Australia Credit
  • Hedge Funds Raise Bets on Gasoline After Retail Price Drop: Energy Markets
  • Bangladesh Plans to Buy More Wheat for Welfare Programs, State Agency Says
  • Steel Beating Oil on China Demand Spurs Metalloinvest Debut: Russia Credit

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • EUROPE: just a mess this morn; FTSE and DAX holding TREND, but Greece and Spain in particular look awful; Finland down 1.6% to -14% YTD

THE HEDGEYE DAILY OUTLOOK - euro performance

ASIAN MARKETS

  • ASIA: overdue correction across the board except China (we're long) which closed up +0.18%; KOSPI and Sensex holding TREND support

THE HEDGEYE DAILY OUTLOOK - asia performance

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director