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TODAY’S S&P 500 SET-UP - July 14, 2011

As we look at today’s set up for the S&P 500, the range is 26 points or -0.97% downside to 1305 and 1.01% upside to 1331.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 714

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: +964 (+1446)  
  • VOLUME: NYSE 883.56 (4.42%)
  • VIX:  19.91 +0.20% YTD PERFORMANCE: +12.17%
  • SPX PUT/CALL RATIO: 1.86 from 2.24 (-17.10%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 25.48
  • 3-MONTH T-BILL YIELD: 0.01%
  • 10-Year: 2.92 from 2.92
  • YIELD CURVE: 2.55 from 2.55

 

MACRO DATA POINTS:

  • 8:30 a.m.: Jobless claims, est. 415k, prior 418k
  • 8:30 a.m.: Advance retail sales, est. (0.1%), prior (-0.2%)
  • 8:30 a.m.: Producer Price Index, est. (-0.2%), prior 0.2%
  • 8:30 a.m.: Net export sales
  • 9:45 a.m.: Bloomberg Consumer comfort, prior (-45.5)
  • 10 a.m.: Bernanke testifies before Senate on Day 2
  • 10 a.m.: Freddie Mac mortgage
  • 10 a.m.: Business inventories, est. 0.8%, prior 0.8%
  • 10:30 a.m.: EIA Natural Gas, est. 79, prior 95
  • 1 p.m.: U.S. to sell $13b in 30-yr bond reopening

WHAT TO WATCH:

  • President Barack Obama may summon congressional leaders to Camp David summit this weekend after yesterday’s negotiations on raising the debt ceiling stalled
  • Gordon Brown urged Ofcom to investigate if News Corp. “fit and proper” to hold 39% stake in BSkyB
  • Facebook now valued at $84b, may hit $100b if it goes public next year: WSJ
  • Secretary of State Hillary Clinton leaves for Libya Contact talks in Turkey

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

COMMODITY HEADLINES FROM BLOOMBERG:

  • Bumper Wheat Harvest in Australia May Cool Near-Record Global Food Prices
  • Copper Seen Rallying as China’s Wanxiang Says Biggest User Faces Shortages
  • Gold Climbs to Record on Concern About Fed Stimulus, Europe’s Debt Crisis
  • Brent Crude Falls in London on European Debt, U.S. Credit-Rating Review
  • Soybeans to Gain as China Demand Draws Down Global Reserves, Cargill Says
  • Copper May Climb as Rio Tinto’s Production Drop Fans Concern About Supply
  • Sugar Falls on Bets Five-Session Rally Was Overdone; Coffee Prices Climb
  • Palm Oil Advances to Three-Week High as Cheapness to Soyoil Boosts Appeal
  • Mumbai Blasts Meant to ‘Jeopardize’ $43 Billion Diamond Trade, Group Says
  • China Sets Rare Earth Export Quotas for Second Half of 2011, Ministry Says
  • Commodity Boom Turns Bust for Stillwater Holders on Copper Deal: Real M&A
  • Beef Contaminated by Radiation Intensifies Food-Safety Concerns in Japan

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • EUROPE: wet Kleenex day returns with most of Europe down and FTSE breaking TREND line support of 5909 again; Greece continue to crash

THE HEDGEYE DAILY OUTLOOK - euro performance

ASIAN MARKETS

  • ASIA: Mixed with China leading on the upside, up another +.54% and up 3 of the last 4 days with Japan down 3 of the last 4; India improving

 THE HEDGEYE DAILY OUTLOOK - asia performance

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director