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TODAY’S S&P 500 SET-UP - September 7, 2011

As we look at today’s set up for the S&P 500, the range is 42 points or -1.65% downside to 1146 and 1.95% upside to 1188.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 97

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1402 (-2155)
  • VOLUME: NYSE 1124.29 (+15.3%)
  • VIX:  37.00 +9.08% YTD PERFORMANCE: +108.45%
  • SPX PUT/CALL RATIO: 1.85 from 2.02

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 32.54
  • 3-MONTH T-BILL YIELD: 0.0254%
  • 10-Year: 2.01 from 1.98    
  • YIELD CURVE: 1.81 from 1.79

MACRO DATA POINTS (Bloomberg Estimates):

  • 7 a.m.: MBA Mortgage
  • 7:45 a.m./8:55 a.m.: ICSC/Redbook weekly sales
  • 10 a.m.: Jolt Job openings
  • 11:15 a.m.: Fed’s Evans speaks in London
  • 11:30 a.m.: U.S. to sell $30b 4-wk bills
  • Noon: DoE short-term energy outlook
  • 2 p.m.: Fed Beige Book
  • 4 p.m.: Fed’s Williams to speak to Seattle Rotary Club
  • 4:30 p.m.: API inventories

WHAT TO WATCH:

  • Yahoo! fired Carol Bartz as CEO, replaced her with CFO Tim Morse on interim basis, starts strategic review
  •  Bank of America shook up its top ranks, ousting wealth-mgmt head Sallie Krawcheck, consumer-banking head Joe Price
  • Constitutional challenges to Germany’s participation in the euro rescue funds were rejected by country’s top court today
  • Anglo American said to decide against takeover offer for MacArthur Coal
  • NY prosecutors said to issue subpoenas to Morgan Stanley as probe of Goldman sale of mortgage-backed products widens: WSJ
  • SEC said to probe effect of ETFs on Aug. market swings: WSJ
  • S&P said to have met with some bond investors before U.S. debt downgrade: WSJ
  • Trial on patent lawsuit by Teva Pharmaceutical over multiple-sclerosis drug Copaxone set to begin today
  • FDA briefing docs due for 9/9 panel on use of bisphosphonates in light of possible link to osteonecrosis of the jaw; makers include MRK, WCRX, Roche, Novartis
  • Saab Automobile applied for protection from creditors today in bid to raise money to restart ops; reorganization process will last at least 3 months, can be extended up to a year
  • AT&T can lower the price it pays for T-Mobile USA if remedies requested by regulators too expensive, people familiar said
  • Google’s Seoul office said to be raided by South Korea’s antitrust regulator as part of probe into whether company unfairly blocked competitors in mobile-search market
  • United Technologies said to receive potential buyer interest for unit Pratt & Whitney Rocketdyne, considering sale: Reuters
  • Archstone said to get acquisition offers from four suitors including Blackstone and Brookfield Asset Management: WSJ
  • Hurricane Katia, now a category 1 storm, continued to move between East Coast and Bermuda; second system advanced west across Atlantic Ocean, may reach Puerto Rico by this weekend
  • No IPOs expected to price today

 

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:

  • Commodities Rebound as Low Interest Rates May Help Boost Demand
  • Corn, Soybeans, Wheat Advance as Dry Weather May Damage Crops
  • Sugar Rises in New York During Lull Before Crops; Coffee Rises
  • Pawnbrokers Thrive as Rising Gold Price Entices Hard-Up Britons
  • India May Ship Raw Sugar First Time in Four Years on Supply
  • Libya Oil Resumption May Take at Least 18 Months, BofA Says
  • PhosAgro to Renegotiate Indian Accord to Match Prices of Rivals
  • Afghan Hajigak Iron Ore Gets Bids From India, Iran, Canada
  • Aluminum Will Stay in Surplus for Fifth Year, Sumitomo Says
  • Vale Says Sale of World’s Largest Ore Ships ‘Won’t Carry Loss’
  • Whole-Milk Powder Slips to 13-Month Low on Supply Boost
  • Gold Price Retreat May Prolong Bull Run, Top U.K. Investor Says
  • Oil Supply Falls in Survey on Storm, Imports: Energy Markets
  • Coffee Demand Rises on Single-Cup Sales, StudyLogic Data Shows

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS

THE HEDGEYE DAILY OUTLOOK - euro performance

ASIAN MARKETS

THE HEDGEYE DAILY OUTLOOK - asia performance

 

MIDDLE EAST

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

Howard Penney

Managing Director