THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - September 8, 2011

As we look at today’s set up for the S&P 500, the range is 59 points or -4.22% downside to 1148 and 0.70% upside to 1207.

SECTOR AND GLOBAL PERFORMANCE

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THE HEDGEYE DAILY OUTLOOK - global performance

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 2420 (-2155)
  • VOLUME: NYSE 954.50 (-15.15%)
  • VIX:  33.38 -9.78% YTD PERFORMANCE: +88.1%
  • SPX PUT/CALL RATIO: 1.99 from 1.85

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 32.15
  • 3-MONTH T-BILL YIELD: 0.0153
  • 10-Year: 2.05 from 1.98
  • YIELD CURVE: 1.84 from 1.77

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30 a.m.: Trade balance, est. (-51.0b), prior (-53.1b)
  • 8:30 a.m.: Jobless claims, est. 405k, prior 409k
  • 9 a.m.: Corelogic June foreclosures
  • 9:45 a.m.: Bloomberg consumer comfort, prior (-49.1)
  • 10:30 a.m.: EIA Natural Gas storage change
  • 11 a.m.: DoE inventories
  • 1:30 p.m.: Fed’s Bernanke speaks to economics club in Minn.
  • 3 p.m.: Consumer credit, est. $6b, prior (-$15.5b)

WHAT TO WATCH:

  • Fed Chairman Ben Bernanke scheduled to speak in Minnesota today on the economic outlook, 1:30 p.m. ET
  • Monsanto and 10 other cos. may win challenge against French measures banning use of strain of genetically modified corn if govt. can’t show fulfilled correct procedures, EU’s highest court said earlier
  • Congress’s deficit-reduction supercommittee holds first meeting today in effort to find $1.5t in cuts
  • JNJ/Bayer: FDA advisory committee on Xarelto (rivaroxaban)
  • Yahoo board may hire advisers within two weeks, with Allen & Co., JPMorgan and UBS among those likely to be chosen: WSJ
  • HTC surged to highest in 3 weeks in Taipei after filing infringement claims against Apple yesterday, using patents bought from Google last week
  • Labor Dept. said to be investigating pay practices of some home building cos. including Pulte, Lennar, D.R. Horton, KB Home: WSJ
  • Ranbaxy Laboratories headed for biggest close in 3 months after parent Daiichi Sankyo said aims to start selling generic version of Pfizer’s cholesterol pill Lipitor on schedule
  • ACE agreed to buy Penn Millers for $20.50 cash per share
  • NFL season begins tonight
  • No IPOs expected to price today

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:

  • Gold Gains in New York as Two-Day Slump From Record Lures Buyers
  • Monsanto May Win Appeal of French GM Maize Ban, EU Court Says
  • Cotton Climbs Most in Two Months as China May Build Stockpiles
  • Coffee Falls as Slowing Economies May Dent Demand; Cocoa Drops
  • Copper Declines 0.5% to $9,044 a Ton on London Metal Exchange
  • Corn May Rise on Speculation U.S. Harvest Will Miss Estimates
  • Tropical Storm Nate Forecast to Strengthen in Mexican Waters
  • Corn Imports by China to Surge, Tightening Global Supply
  • South Korea to List Exchange-Traded Fund for Physical Copper
  • Hayward to Spark Oil Fight in Iraqi ‘Last Great Frontier’
  • Toyota Boosts Japan Ship Lines Amid Slump: Freight Markets
  • Sweet Oil Filling Libya Gap to Stay Near Record: Energy Markets

 

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