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TODAY’S S&P 500 SET-UP - September 19, 2011

As we look at today’s set up for the S&P 500, the range is 41 points or -2.71% downside to 1183 and 0.66% upside to 1224.

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 919

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: +53 (+1586) 
  • VOLUME: NYSE 1813.53 (+88%)
  • VIX:  30.98 -3.1% YTD PERFORMANCE: +74.54%
  • SPX PUT/CALL RATIO: 1.87 from 1.28 (+46.1%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 35.13
  • 3-MONTH T-BILL YIELD: 0.01%
  • 10-Year: 2.08 from 2.08     
  • YIELD CURVE: 1.90 from 1.88

 

MACRO DATA POINTS (Bloomberg Estimates):

  • IMF/World Bank annual meetings this week
  • FOMC begins two-day meeting tomorrow
  • 10 a.m.: NAHB Housing Market, est. 15, prior 15
  • 11:30 a.m.: U.S. to sell $29b 3-mo., $27b 6-mo. bills

 WHAT TO WATCH:

  • EU, IMF inspectors to hold call today with Greek Finance Minister to judge whether Greece is eligible for next aid payment due next month
  • Greek PM George Papandreou canceled U.S. visit that was to begin today
  • AT&T said to approach smaller rivals including MetroPCS, Leap Wireless to sell spectrum, subscribers in bid to save $39b takeover of T-Mobile USA
  • Conagra has said it will withdraw Ralcorp takeover offer unless talks start by today; Ralcorp said not willing to begin them
  • President Obama said to call for $1.5t in tax increases mostly targeting the wealthy over the next decade as part of a plan to cut the U.S federal deficit by $3t
  • GM, UAW reach tentative agreement on 4-yr contract, including $5k bonus for workers; Ford, Chrysler next
  • UTX said to be exploring possible bid for Goodrich
  • Boeing postponed next week’s inaugural delivery of the 747-8 freighter after Cargolux Airlines declined to accept the planes
  • Facebook said to unveil a media platform that will allow people to easily share their favorite music, television shows and movies, NYT says
  • EIA releasing world energy supply and demand projection through 2035
  • Netflix plans to separate its DVD-by-mail service from movie streaming, rename it Quikster
  • UBS said Oswald Gruebel will remain as CEO, boosted estimate of trading loss to $2.3b
  • Siemens drops plan to cooperate with Russia’s Rosatom in field of reactors
  • "Lion King 3D’’ tops N. Amer. box office; “Modern Family” wins 5 Emmys
  • Google Wallet may be introduced today, TechCrunch says 
  • No IPOs expected to price today


COMMODITY/GROWTH EXPECTATION

THE HEDGEYE DAILY OUTLOOK - daily commodity view

MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:

  • Copper Falls to Nine-Month Low in London on Europe Debts, China
  • Hedge Fund Boxer Hall Says Gold to Extend Gains: Commodities
  • Crude Drops to One-Week Low on Signals Oil-Demand Growth Slowing
  • Commodities Fall as Copper Touches Nine-Month Low; Gold Gains
  • Wheat Drops to Lowest Price Since July as Rain Falls in Texas
  • Gold May Gain in New York as European Debt Concerns Boost Demand
  • Freeport Indonesia Resumes Mining as Grasberg Workers Return
  • Hedge Funds Raise Oil Wagers Most Since March: Energy Markets
  • LNG Surges as Japan Vies With China, Exxon’s Shipments Grow
  • Zinc May Fall After Failing to Top Average: Technical Analysis
  • Funds Cut Bullish Commodity Wagers on ‘Contraction’ Concern
  • Wheat Exports From India May Be Capped 500,000 Tons, Group Says
  • Corn, Soybeans May Fall on Higher U.S. Yields, Economic Woes
  • Teck’s Lindsay Favors Coal Mine Expansion as Industry M&A Booms
  • Coffee Falls as European Stockpiles Are High; White Sugar Slides
  • Shipper Navios Outperforms Parent on Soy Trade: Argentina Credit
  • World Corn Growers Top U.S. Farms on Exports: Chart of the Day

 

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 performacne

Howard Penney

Managing Director