THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 2, 2012


As we look at today’s set up for the S&P 500, the range is 29 points or -1.92% downside to 1336 and 0.21% upside to 1365. 

                                            

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: on 6/29 NYSE 2281
    • Up from the prior day’s trading of 397
  • VOLUME: on 6/29 NYSE 1094.36
    • Increase versus prior day’s trading of 20.71%
  • VIX:  as of 6/29 was at 17.08
    • Decrease versus most recent day’s trading of -13.34%
    • Year-to-date decrease of -27.01%
  • SPX PUT/CALL RATIO: as of 6/29 closed at 1.35
    • Down from the day prior at 1.85 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 38
  • 3-MONTH T-BILL YIELD: as of this morning 0.08%
  • 10-Year: as of this morning 1.64
    • Unhanged from prior day’s trading
  • YIELD CURVE: as of this morning 1.33
    • Down from prior day’s trading at 1.34 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8am: Markit US PMI Final, June
  • 9:30am: Intl Grains Council monthly crop report
  • 10am: ISM Manufacturing, June, est. 52 (prior 53.5)
  • 10am: ISM Prices Paid, June, est. 45.7 (prior 47.5)
  • 10am: Construction Spending, May, est. 0.2% (prior 0.3%)
  • 11:30am: U.S. to sell $30b 3-mo. bills, $27b 6-mo. bills
  • 1:15pm: Fed’s Williams to speak in San Francisco

GOVERNMENT:

    • House, Senate not in session
    • White House has no public events scheduled

WHAT TO WATCH: 

  • Bristol-Myers Squibb to buy Amylin for $31-shr cash
  • Linde to buy respiratory-care company Lincare for $3.8b
  • Dell said to be near buying Quest to add data-ctr software
  • Euro-Area Unemployment Climbs to Record 11.1% on Spanish Cuts
  • Barclays Chairman Agius said poised to quit after Libor fine
  • Fund-Manager Pay Rules Included in EU Response to Madoff Fraud
  • Pena Nieto Claims Win in Mexico Election as PRI Returns to Power
  • American Electric forecasts a week to fix storm blackouts
  • Airbus to Invest $600 Million in Alabama Facility, Reuters Says
  • Japan Tankan Confidence Improves Even as Yen Limits Exports
  • BNP Said to Mull Plan for $50 Billion Spain-Italy Funding Gap
  • Weekly agendas for Media/Entertainment, Industrials, Finance, Energy, IPOs, Transports, Real Estate, Consumer, Health, Tech, Rates, Canada Mining, Canada Oil & Gas
  • U.S. Jobs, Tankan, Mexico President: Wk Ahead June 30-July 7

EARNINGS:

  • Acuity Brands (AYI) 8:30am, $0.79

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Speculator Bullish Oil Wagers Rose Before Rally: Energy Markets
  • Platinum Slump Seen Spurring China’s Jewelers: Chart of the Day
  • Corn Extends Rally as Hot, Dry Weather Threatens Midwest Yields
  • Hedge Funds Win on Bull Bets Before Biggest Rally: Commodities
  • Oil Declines After Biggest Gain Since 2009 on Europe Concerns
  • Copper Falls on Signs of Worldwide Manufacturing Deterioration
  • Iran-Oil Sanctions Risk Biggest OPEC Export Loss Since Libya
  • Gold Set to Decline as Biggest Gain in Four Weeks Spurs Sales
  • U.S. Natural Gas Futures Slide From Highest Price Since January
  • Isramco Says ‘Significant’ Natural Gas Signs at Shimshon Site
  • German 2013 Power Declines as European Coal, Carbon Permits Drop
  • Japan’s LNG Imports May Rise 6.5% to 88.6 Mln Tons, IEEJ Says
  • Russian Oil Output Falls on Month, Holds Near Post-Soviet High
  • EU’s Iranian Ban Will Push Up Demand for Sour Crude, JBC Says
  • Dubai Backwardation Rises Amid Iran Sanctions Start: Asia Crude
  • Hedge Funds Win on Bull Bets Before Rally
  • Goldman Raises Price Forecasts for Corn, Soybeans, Wheat

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CURRENCIES

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team