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TODAY’S S&P 500 SET-UP - December 8, 2011

As we look at today’s set up for the S&P 500, the range is 38 points or -2.30% downside to 1233 and 0.71% upside to 1270. 


SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 128

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - global performance

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE:  +172 (+155) 
  • VOLUME: NYSE 968.11 (+20.72%)
  • VIX:  28.67 +1.92% YTD PERFORMANCE: +61.52%
  • SPX PUT/CALL RATIO: 1.17 from 1.40 (-16.37%)

 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 53.49
  • 3-MONTH T-BILL YIELD: 0.02%
  • 10-Year: 2.02 from 2.08   
  • YIELD CURVE: 1.78 from 1.82

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30 a.m.: Jobless claims, est. 395k (prior 402k)
  • 9:45 a.m.: Bloomberg consumer comfort, est. -49.3, (prior -50.2)
  • 10:00 a.m: Wholesale inventories, est. 0.3% (prior -0.1%)
  • 10:00 a.m: Freddie Mac mortgage
  • 10:30 a.m: EIA Natural Gas storage
  • 12:00 p.m: Flow of funds 3Q 

WHAT TO WATCH:

  • Fed Chairman Bernanke is rated favorably by 71% of investors, traders and analysts, according to a Bloomberg poll
  • European Central Bank probably will cut its base rate 25bp to 1%
  • SEC sometimes allows large investors to not play on level field – WSJ
  • SEC sometimes allows large investors to not play on level field - WSJ

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Oil at $150 Becomes Biggest Options Bet on Iran: Energy Markets
  • Rib-Eye Beef to Tumble as Holiday Demand Peaks: Chart of the Day
  • Wheat Shredded as Near-Record Crop Boosts Reserves: Commodities
  • Japan Expands Rice-Shipment Ban as Contamination Spreads
  • Crude Oil Rises From One-Week Low Before European Debt Summit
  • Japan Gold Export Most Since ’85 as Individuals Sell Jewelry
  • Commodity Index Rebound May Be Almost Over: Technical Analysis
  • Gold May Decline as European Leaders Meet, ETP Holdings Drop
  • Petrobras’s Oil Seen Abundant With Gigantic Helicopters: Freight
  • Sino-Forest May Go Private as Martin Seeks Way Out of ‘Morass’
  • ABN Amro May Expand Commodity Loans Where BNP Sees 30% Drop
  • Policy Shift Shows China Favors Unbalanced Recovery to Slump
  • Barclays See Australian ‘Champions’ Restoring Deal Balance
  • China’s Pork Prices May Have Reached Bottom, New Hope Group Says
  • Stocks Rise Amid Optimism Over Europe Summit; Treasuries Advance
  • Vale Negotiating Price Reductions in Iron-Ore Contracts
  • Shanghai to Add Dry-Bulk, Tanker Indexes in Baltic Challenge
  • Wheat Drops as U.S. May Increase Estimate for Global Stockpiles
  • World Food Prices Fall a Fifth Month, May Be ‘Bottoming Out’

THE HEDGEYE DAILY OUTLOOK - daily commodity view

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 (HEADLINES FROM BLOOMBERG)

  • Oil at $150 Becomes Biggest Options Bet on Iran: Energy Markets
  • Dana Gas Drops to Two-Year Low on Debt Concern: Islamic Finance
  • Egypt’s ‘Orderly’ FX Market Is Hostage to IMF, Aid: Arab Credit
  • Dubai Denies Report on Restructuring State Company Debt
  • MIDEAST DAYBOOK: Dubai Debt; Emirates NBD Pulls Sukuk; Agility
  • Abu Dhabi Commercial Files Prospectus for $7.5 Billion Bond Plan
  • Emirates NBD May Need $2.2 Billion Provisions, Goldman Says
  • Saudi Arabia Is in No Rush to Get New OPEC Quota, Naimi Says
  • Bahrain Says Device Found After Flight From U.K. Via Dubai
  • ADIA Names Benjamin Weston as Head of Alternative Investments
  • Gulf International Bank Prices $300 Million Islamic Bond
  • Eni Unconcerned About Possible Iran Sanctions, Scaroni Says
  • Eni Can Meet Refinery Needs Without Iran Oil in Case of Ban
  • Dubai Shares Retreat Ahead of Europe Meet; Dubai Financial Drops
  • Eni Pumping 200,000 Barrels a Day Oil in Libya, CEO Scaroni Says
  • Agility Unit Sues U.S. to Lift Freeze on Military Contracts

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

The Hedgeye Macro Team

Howard Penney

Managing Director