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
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
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
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
Howard Penney
Managing Director
