THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - September 20, 2011


As we look at today’s set up for the S&P 500, the range is 41 points or -1.42% downside to 1187 and 1.99% upside to 1228.

 

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - levels 920

 

THE HEDGEYE DAILY OUTLOOK - daily sector view

 

THE HEDGEYE DAILY OUTLOOK - global performance

 

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1647 (+53) 
  • VOLUME: NYSE 908.4 (-49.9%)
  • VIX:  32.73 +5.7% YTD PERFORMANCE: +84.39%
  • SPX PUT/CALL RATIO: 2.73 from 1.87 (+46%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 35.25
  • 3-MONTH T-BILL YIELD: 0.01%
  • 10-Year: 1.98 from 1.95
  • YIELD CURVE: 1.82 from 1.80

 

MACRO DATA POINTS (Bloomberg Estimates):

  • FOMC begins 2-day rates meeting, decision tomorrow
  • 8:30 a.m.: Housing starts, est. 590k (-2.3% M/m), prior 604k
  • 8:30 a.m.: Building permits, est. 590k (-1.8% M/m), prior 597k
  • 8:55 a.m.: Redbook weekly sales
  • 11:30 a.m.: U.S. to sell $30b 4-wk, $25b 52-wk bills
  • 4:30 p.m.: API inventories 

 

WHAT TO WATCH:

  • Greece will hold another call with its main creditors today after a “productive’’ round of talks yesterday aimed at staving off default
  • Express Scripts to tell Congress in subcommittee hearing its $29.1b bid for Medco would reduce drug costs, preserve “highly competitive” marketplace
  • IATA raises its 2011 forecast for global airline profits by 73%
  • Eight offshore banks are under federal grand jury investigation for facilitating tax evasion by U.S. citizens
  • AT&T was sued by Cellular South in an effort to block T- Mobile acquisition
  • Italy debt rating cut by S&P to A on weaker growth outlook; two-year Treasury drops to record low
  • UBS board to meet in Singapore this week following disclosure of $2.3b loss from unauthorized trading: 2 people with knowledge of situation
  • U.S. said to be probing trades made before S&P cut U.S. rating in August, WSJ says
  • FDA briefing docs due for Sept. 22 advisory panel on New York Blood Center’s umbilical cord blood BLA
  • Tyco units may attract interest from UTX, Honeywell, Johnson Controls: Bernstein
  • GM-UAW contract presented to union locals


COMMODITY/GROWTH EXPECTATION

 

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

 

MOST POPULAR COMMODITY HEADLINES FROM BLOOMBERG:

  • Cattle Seen at Record $1.36 a Pound After Cull: Commodities
  • Oil Rises on Equity Markets’ Advance, Speculation of Supply Risk
  • Copper Rises From Nine-Month Low as Rio Sticks to Demand Outlook
  • Teekay Profit Booms on LNG Shipping Demand: Freight Markets
  • Gold to Top $2,000 This Year on ‘Confidence Crisis,’ Survey Says
  • Corn, Soybeans Advance as Adverse U.S. Weather May Hurt Crops
  • Coffee Climbs on Speculation La Nina May Hurt Crops; Cocoa Rises
  • Fertilizer Safer Than Gold to Uralkali’s Lenders: Russia Credit
  • Qaddafi Wheat Cargo Helped Sustain Libyan Rebellion’s Stronghold
  • Australia Cuts Commodity Sales Outlook 1.6% on Lower Prices
  • Food-Inflation Concerns Will Persist, FAO’s Abbassian Says
  • Sugar Output in India Seen at Four-Year High as Planting Gains
  • Chevron Victory Blocking $18 Billion Verdict Thrown Out in U.S.
  • Egypt to Boost Wheat Imports to Avert Unrest, El Attal Says
  • Gold Gains in London as European Debt Concern Spurs Demand
  • Australia Increases Sugar-Output Estimate as Crop Recovers
  • Oil Stockpiles Fall to Eight-Month Low in Survey: Energy Markets

  

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 PERFORMANCE

 

 

Howard Penney

Managing Director

 

 


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