09/07/11 08:56 AM EDT

THE HEDGEYE DAILY OUTLOOK

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

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