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
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
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team