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TODAY’S S&P 500 SET-UP – July 11, 2012


As we look at today’s set up for the S&P 500, the range is 22 points or -0.78% downside to 1331 and 0.86% upside to 1353. 

                                            

SECTOR AND GLOBAL PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: on 07/10 NYSE -955
    • Down versus the prior day’s trading of -340
  • VOLUME: on 07/10 NYSE 727.59
    • Increase versus prior day’s trading of 11.99%
  • VIX: as of 07/10 was at 18.72
    • Increase versus most recent day’s trading of 4.12%
    • Year-to-date decrease of -20.00%
  • SPX PUT/CALL RATIO: as of 07/10 closed at 1.69
    • Down from the day prior at 2.09 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 36
  • 3-MONTH T-BILL YIELD: as of this morning 0.09%
  • 10-Year: as of this morning 1.52%
    • Increase from prior day’s trading at 1.50%
  • YIELD CURVE: as of this morning 1.26
    • Down from prior day’s trading at 1.24 

MACRO DATA POINTS (Bloomberg Estimates): 

  • 7am: MBA Mortgage Applications (July 6), prior -6.7%
  • 8:30am: Trade balance (May), est. -$48.6b, prior -$50.1b
  • 8:30am: USDA monthly crop report
  • 10am: Wholesale Inventories (May), est. 0.3%, prior 0.6%
  • 10:30am: DoE Inventories
  • 2pm: FOMC Meeting Minutes 

Government 

    • President Obama meets with Democratic leaders, closed press, 2:15pm
    • House, Senate in session
    • Senate Finance holds hearing on Medicare physician payments, with testimony from doctors, 10am
    • Senate Judiciary holds hearing on impact on competition of exclusion orders to enforce standard-essential patents, with Acting Asst Attorney General for Antitrust Division Joseph Wayland; FTC Commissioner Edith Ramirez, 9:30am
    • House Agriculture marks up farm bill, 10am
    • House Energy holds hearing on fraud in programs aimed at encouraging production, use of renewable fuels, 10am
    • House Financial Services panel holds hearing on impact of Dodd-Frank financial reforms on mortgage lending, 10am
    • House Small Business holds hearing on Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability program, with small trucking company CEOs, 1pm
    • House may vote to repeal Obama’s health-care overhaul
    • GSA holds meeting of President’s Management Advisory Board on curbing improper payments to government contractors, 9am
    • Acting Commerce Secretary Rebecca Blank discusses U.S. competitiveness with business, public leaders in San Diego
    • Transportation Secretary Ray LaHood participates in conference call on development of U.S. high-speed rail, 12pm
    • House Small Business holds hearing on Federal Motor Carrier Safety Administration’s Compliance, Safety, Accountability program, with small trucking company CEOs, 1pm 

WHAT TO WATCH:  

  • Apple joins Facebook, Google in U.S. talks on mobile-app privacy code
  • Burberry drops on 1Q sales miss; LVMH, luxury competitors fall
  • Chesapeake must pay >$100m over leases, Texas judge says
  • Trade deficit in U.S. probably narrowed on cheaper oil imports
  • Cliffs Natural Resources to sell Sonoma coal-mine stake
  • Sino-Forest to transfer assets to creditors, ends sale process
  • Australia cons. confidence rises to 5-mo. high on rate cuts
  • Spain raises some taxes to raise extra $80b over 2 1/2 yrs
  • Peregrine Financial files to liquidate in bankruptcy after CFTC sues alleging $200m shortfall in client funds
  • Xstrata sets Sept. 7 for vote on $26.4b Glencore bid
  • China car sales beat ests. for fourth straight month
  • Solar cos. plan to tap U.S. loans suspended since Solyndra
  • San Francisco to stop buying Apple computers after co. no longer participates in environmental certification program 

EARNINGS: 

    • Charles Schwab (SCHW) 8:45am, $0.18
    • Marriott Intl (MAR) 5pm, $0.42
    • Texas Industries (TXI) After-mkt, ($0.28) 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG) 

  • Rhodium Glut Diminishing on Record Global Car Sales: Commodities
  • Coal King Even With Australia’s Costliest Carbon: Energy Markets
  • Sudan Crude Marooned Off Singapore Shows Trade as War Victim
  • Corn Climbs Before Report That May Show Smaller Harvest Forecast
  • Oil Rebounds From One-Week Low as U.S. Crude Stockpiles Decline
  • Gold Climbs Most in a Week as Slowing Global Growth Spurs Demand
  • Copper Seen Rising as Wen Indicates Spending May Climb in China
  • Food Prices Seen by OECD and FAO Rising in Next Decade on Oil
  • Rubber Drops as China Truck-Sales Data Highlight Demand Concern
  • Palm Oil Drops on Concern Reserves May Rise as Exports Decline
  • Drought-Fueled Corn Rally Squeezing ADM Profit: Chart of the Day
  • Fortress CEO Sees Pulp Rally or Going Private: Corporate Canada
  • Indonesia Seeks Resolution to Japan Talks Over Mineral Exports
  • Corn Rallies Ahead of USDA Crop Report
  • Bullish Sugar Risks to Persist Amid Brazil Backlog, Sucden Says
  • India Said to Cancel Sale of Wheat From Reserves to Glencore
  • Truck Sales Slumping for Third Month in China Cuts Rubber Demand 

THE HEDGEYE DAILY OUTLOOK - 4

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - 5

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 6

 

ASIAN MARKETS

THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

The Hedgeye Macro Team