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
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
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
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
Howard Penney
Managing Director