THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - September 9, 2011

As we look at today’s set up for the S&P 500, the range is 49 points or -0.41% downside to 1181 and 3.72% upside to 1230.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 99

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1699 (2420)
  • VOLUME: NYSE 946.67 (-0.8%)
  • VIX:  34.32 +2.82% YTD PERFORMANCE: +93.35%
  • SPX PUT/CALL RATIO: 1.23 from 1.99

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 32.66
  • 3-MONTH T-BILL YIELD: 0.0102
  • 10-Year: 2.00 from2.05
  • YIELD CURVE: 1.81 from 1.84

MACRO DATA POINTS (Bloomberg Estimates):

  • 10 a.m.: Wholesale inventories, est. 0.7%, prior 0.6%
  • 11:45 a.m.: Fed’s Williams speaks at symposium in SF
  • 1 p.m.: Baker Hughes rig count

 

WHAT TO WATCH:

  • G-7 finance ministers and central bankers gather in Marseille, France, to discuss the European sovereign debt crisis and outlook for global growth
  • Tropical Storm Nate expected to strengthen to hurricane today as it forces energy cos. to begin evacuating platforms in Gulf of Mexico; final track still in question
  • NLRB holds hearings on Boeing 787 plant in South Carolina
  • Dish Network may be headed for split with ESPN over increasing rights fees: N.Y. Post
  • Amazon.com would drop quest to exempt itself from collecting sales taxes in Calif., state would forfeit ~$200m under pact lawmakers must act on today if it’s to be adopted
  • FDA AdCom on safety of osteoporosis drugs
  • Senate passed biggest change to U.S. patent law since at least 1952 yesterday, now heads to White House for Obama’s signature
  • No IPOs expected to price today

COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:

  • Oil Drops a Second Day as Rising Dollar Counters Storm Concerns
  • Corn, Soy May Open Higher on Shrinking Crops; Wheat Seen Steady
  • Soybeans Advance, Reducing Weekly Decline, on Yield Estimates
  • Copper Erases Weekly Gain as Slowing Economies May Curb Demand
  • Gold Drops in New York as Dollar’s Rise Prompts Investor Sales
  • Coffee Falls on Demand Concerns Before Large Crops; Sugar Rises
  • Fortress Commodity Fund Said to Beat BlueGold in August
  • Wheat Supplies From India May Add to Surplus, Pressure Price
  • Refiners in U.S. Most Dependent Ever on Exports: Energy Markets
  • Copper May Decline 5.1% in Next Few Weeks: Technical Analysis
  • Aluminum Usage in Cars Will Double in Four Years, Novelis Says
  • Corn, Soybean Yields Cut on Adverse Weather, Goldman Says
  • Libya Said to Ship First Oil From West as Production Resumes
  • Africa’s New Friend China Finances $9.3 Billion of Hydropower
  • U.S. Soybean, Wheat, Soyoil Exports Fell Last Week, Survey Shows
  • Steelmakers Set to Curb Output as Costs Surge: Chart of the Day
  • India’s Cotton Exports May Jump 21% Next Year, Group Says

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