THE HEDGEYE DAILY OUTLOOK

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

THE HEDGEYE DAILY OUTLOOK - levels 916

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - 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

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

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

THE HEDGEYE DAILY OUTLOOK - daily curreny 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