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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 - July 19, 2011

As we look at today’s set up for the S&P 500, the range is 18 points or -0.34% downside to 1305 and 1.04% upside to 1319.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 719

THE HEDGEYE DAILY OUTLOOK - global performance

THE HEDGEYE DAILY OUTLOOK - daily sector view

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -2139 (-2789)  
  • VOLUME: NYSE 874.26 (-18.58%)
  • VIX:  20.95 +7.27% YTD PERFORMANCE: +19.17%
  • SPX PUT/CALL RATIO: 1.99 from 2.48 (-20.03%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 23.68
  • 3-MONTH T-BILL YIELD: 0.02%
  • 10-Year: 2.94 from 2.94
  • YIELD CURVE: 2.57 from 2.57

 

MACRO DATA POINTS:

  • 7:45 a.m./8:55 a.m.: Weekly retail sales: ICSC/Redbook
  • 8:30 a.m.: Housing starts, est. 2.7%, prior 3.5%
  • 8:30 a.m.: Building permits, est. (-2.3%), prior 8.2% (revised
  • 11:30 a.m.: U.S. to sell $28b 4-wk bills
  • 7:30 p.m.: Fed’s Hoenig speaks on monetary policy, agriculture

WHAT TO WATCH:

  • Investor confidence in Germany drops more than forecast in July as euro-area debt crisis worsens
  • Zillow prices its IPO after the close today, may value the company at ~$460m
  • Spain sold EU4.45b ($6.3b) of treasury bills, just below its maximum target, as its financing costs surged
  • Gold surged to record, surpassing $1,610-oz. as it climbed for 12th straight day

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

COMMODITY HEADLINES FROM BLOOMBERG:

  • Record Profits for Miners as Shipping Cost Slumps on Glut: Freight Markets
  • Oil Gains in New York as U.S. Supplies, China Demand Counter Europe Debt
  • Copper Advances to a Three-Month High as U.S. Housing Starts May Increase
  • Sugar Climbs on Smaller Crop in Top Producer Brazil; Cocoa Prices Decline
  • Gold May Rise, Extend Longest Winning Streak in Nine Decades, on Debt Woes
  • Onahama Copper Smelter Struggles to Restart After Japan Quake, Radiation
  • African Swine Fever Close to Russia’s Western Borders Threatening EU Pigs
  • India Yet to Decide on Allowing Wheat Exports, Farm Secretary Basu Says
  • Corn Futures Advance as Persistent Hot Weather in Midwest Threatens Yields
  • Booming Cotton No Boon to African Farmers Milked by Government, Monopolies
  • Zhongpin Says Report on Overstated 2010 Sales was Based on ‘Faulty’ Facts
  • Barclays Capital’s Yingxi Yu Leaves Commodity Research Team in Singapore
  • Thai Rubber Output to Gain as More Trees Begin Production, Exporter Says
  • Potash Cartel’s ‘Cupboard Is Bare’ for India After China Pact, Mosaic Says

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

  • EUROPE: good day to put your shorts back on; crashing markets bounce to inconsequential lower-highs; resistance: IBEX = 9984, MIB = 19559

THE HEDGEYE DAILY OUTLOOK - euro performance

ASIAN MARKETS

  • ASIA: mixed overnight; China down -0.7% but India up +0.8%; Asian markets don't think $IBM is a new long idea

THE HEDGEYE DAILY OUTLOOK - asia performance

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director