TODAY’S S&P 500 SET-UP - September 16, 2011
As we look at today’s set up for the S&P 500, the range is 34 points or -2.57% downside to 1178 and 0.24% upside to 1212.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: 1586 (1430)
- VOLUME: NYSE 964.01 (-11.2%)
- VIX: 31.97 -7.6% YTD PERFORMANCE: +80.11%
- SPX PUT/CALL RATIO: 1.28 from 1.45
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 35.02
- 3-MONTH T-BILL YIELD: 0.0000
- 10-Year: 2.0828 from 2.0820
- YIELD CURVE: 1.894 form 1.893
MACRO DATA POINTS (Bloomberg Estimates):
- 9 a.m.: Long-term TIC flows, est. $30.0b, prior $3.7b
- 9:55 a.m.: UMichigan Confidence, est. 57.9, prior 55.7
- Noon: Flow of funds
- 1 p.m.: Baker Hughes rig count
WHAT TO WATCH:
- Treasury Secretary Geithner in Poland to participate in a meeting of European government finance officials
- Jefferson County, Ala., votes on JPMorgan settlement; if it’s rejected, county may declare what would be biggest municipal U.S. bankruptcy
- Air France-KLM plans to order $12b worth of Boeing 787’s
- UBS has credit rating put under review by Moody’s, citing “ongoing weaknesses in the group’s risk management and controls”
- FDA holds meeting to get feedback on recommendations for changes to 510(k) approval process for medical devices
- Apollo Management is likely soon to bid $22-$24 a share for 99 Cents Only, the New York Post said
- KKR has raised more than $1b for its first fund to originate debt for takeovers
- ITC said it will review a judge’s finding that HTC infringed two Apple patents
- Blackstone agreed to buy Mint Hotels group for $947m
- Goldman said it’s shutting Global Alpha fund
- No IPOs are expected
COMMODITY/GROWTH EXPECTATION
MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:
- Crude Oil Heads for Fifth Weekly Gain in London on Europe Plan
- Copper Rises for Second Day on Reduced European Crisis Concern
- Corn Rises, Cutting Weekly Drop, as Lower Prices May Spur Demand
- Freeport’s Indonesia Strike May Cut Output by 230,000 Tons
- Sugar Declines Amid Weakening Demand; Arabica Coffee Advances
- Gold May Fall as ECB Coordinates With Fed to Lend Banks Dollars
- Rice Imports by Bangladesh May Miss Forecast on Output
- Palm Oil to Climb on Soybean Oil Supply Cut, Demand, Mistry Says
- California’s Carbon Commanding ‘Real Prices’: Energy Markets
- Commodities May Dip to Lowest Since November: Technical Analysis
- Rio Cuts Debt Costs Amid Record-Low Yields: Australia Credit
- Miner’s Body Found by Emergency Workers at Flooded Welsh Pit
- De Beers to Move Diamond Trading to Botswana From London
- Gold May Gain on Physical Buying, Europe Concern, Survey Shows
- BP Wins U.S. Dismissal of Some Investors’ Derivative Spill Suits
- Silver May Drop to $38 by End of September: Technical Analysis
- BHP, Vale, Rio ‘Cheap’ on Catastrophic Fears: Chart of the Day
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
Howard Penney
Managing Director
