TODAY’S S&P 500 SET-UP – June 8, 2012
As we look at today’s set up for the S&P 500, the range is 49 points or -2.43% downside to 1283 and 1.29% upside to 1332.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: on 6/7 NYSE: -252
- Versus prior trading day +2305
- VOLUME: on 6/7 NYSE 854.61
- Versus prior trading day 711.57
- VIX: as of 6/7 was at 22.16
- Change versus prior trading day of -2%
- Year-to-date change of -7.2%
- SPX PUT/CALL RATIO: as of 6/7 1.41
- Versus prior trading day 1.74
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: as of this morning: 38.7
- 3-MONTH T-BILL YIELD: as of this morning 0.08%
- 10-Year yield: as of this morning 1.67
- Versus prior trading day 1.65
- YIELD CURVE: as of this morning 1.30
- Versus prior trading day 1.37
TODAY’S U.S. ECONOMIC EVENTS
- 8:30 am: Trade Balance, April, est. -$49.5b (prior -$51.8b)
- 10am: Wholesale Inventories, April, est. 0.4% (prior 0.3%)
- Fed to purchase $1b-$1.5b note in 2/15/2036 to 5/15/2042 range
- 1pm: Baker Hughes rig count
- 8pm: Fed’s Kocherlakota to speak on economic theory in Michigan
GOVERNMENT
- American Bankers Association issues economic forecast. 10am
- President Obama holds bilateral meeting with Philippines President Benigno Aquino. 2pm
- House in session
- House Ways and Means subcommittee holds hearing on tax extenders. 9:30am
WHAT TO WATCH
- U.S. moves ahead with implementing global bank capital rules
- Chesapeake Energy holds annual meeting; Chesapeake shareholders seen to challenge directors’ CEO review
- Olympus to cut 2,700 jobs, ~7% of its workforce, may consider an alliance to boost capital
- Google co-founders Larry Page, Sergey Brin said to be slated for questioning by U.S. antitrust regulators
- U.S. trade deficit likely shrank in April on falling oil prices
- Morgan Stanley, other global banks undergoing credit review by Moody’s; decision expected by end of month
- NYSE opposition to Nasdaq’s proposed remedy to Facebook’s botched IPO could delay Facebook compensation plan
- Spanish Prime Minister Mariano Rajoy holds bank talks with EU leaders as Fitch cuts Spain
- CA said has begun succession planning for CEO Bill McCracken, who turns 70 this yr
- Apple’s move to block Samsung Galaxy phone placed on fast track
- Federal Housing Administration to boost sale of delinquent loans to investors: WSJ
- McDonald’s releases monthly sales
- Nomura apologizes for multiple insider trading cases
- Watch for update on GlaxoSmithKline’s $13-shr hostile bid for Human Genome; tender deadline was yday
- Russell Index rebalancing after the close
- U.S. Inflation, Apple, OPEC, Egypt Votes: Week Ahead June 9-16
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Trade Most Bullish Since March as China Cuts: Commodities
- Oil Heads for Longest Run of Weekly Losses in More Than 13 Years
- Commodities Head for Longest Weekly Losing Streak in 11 Years
- Copper Falls Most in Eight Weeks Without Fed Stimulus Signal
- Gold Drops in London as Bernanke Dampens Stimulus Expectations
- Coffee Falls on Speculation Slower Growth Will Curb Consumption
- Palm Oil Set for 20-Month Low as Mistry Sees Demand Slowdown
- Jiangxi Copper Considers Halting LME Exports as Prices Decline
- Barclays, BNP Japan Commodity Sales Heads Leave as Banks Cut
- Cooking Oil Demand in India Poised to Climb 29% as Income Rises
- Palm Oil Seen Extending Drop on Falling Biofuel Appeal, Fry Says
- LNG Sellers Bet on Oil-Link Amid U.S. Shale Boom: Energy Markets
- Kingsman Raises 2012-13 World Sugar Surplus By 63% on Plantings
- Copper Trade Most Bullish Since March
- Copper Stockpiles in Shanghai Decline for Ninth Week
- Merchant Commodity Hedge Fund Said to Drop 7.5% Last Month
- Rubber Declines for Fifth Week as Bernanke Holds Off Stimulus
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST (HEADLINES FROM BLOOMBERG)
- Steepest Global Slide Since Recession Pushes Central Bank Cuts
- Oil Heads for Longest Weekly Losing Streak in More Than 13 Years
- Stocks Decline With Oil as Bernanke Damps Stimulus Speculation
- Malaysia Sukuk Gain a 5th Week on 15-Year Debut: Islamic Finance
- Mizuho Ousts WestLB as Japanese Boost Lending: Turkey Credit
- LNG Sellers Bet on Oil-Link Amid U.S. Shale Boom: Energy Markets
- Oil May Climb as OPEC Meets, U.S. Supplies Shrink, Survey Shows
- Iran’s LNG Company Says Sanctions Won’t Deter Production in 2013
- GCC Sales Set for Record First Half as Costs Drop: Arab Credit
- Bernanke Anxieties Embodied as Bond Sales Tumble: Credit Markets
- Rajoy Bid to Avoid Full Bailout Risks Falling Short: Euro Credit
- U.S. Inflation, Apple, OPEC, Egypt Votes: Week Ahead June 9-16
The Hedgeye Macro Team
