TODAY’S S&P 500 SET-UP – August 21, 2012
As we look at today’s set up for the S&P 500, the range is 11 points or -0.71% downside to 1408 and 0.06% upside to 1419.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: on 08/20 NYSE -343
- Decrease versus the prior day’s trading of 706
- VOLUME: on 08/20 NYSE 550.72
- Decrease versus prior day’s trading of -18.49%
- VIX: as of 08/20 was at 14.02
- Increase versus most recent day’s trading of 4.24%
- Year-to-date decrease of -40.09%
- SPX PUT/CALL RATIO: as of 08/20 closed at 2.44
- Up from the day prior at 1.77
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: as of this morning 34
- 3-MONTH T-BILL YIELD: as of this morning 0.10%
- 10-Year: as of this morning 1.82%
- Increase from prior day’s trading of 1.81%
- YIELD CURVE: as of this morning 1.54
- Up from prior day’s trading of 1.52
MACRO DATA POINTS (Bloomberg Estimates)
- 6am: EFSF to sell up to EU1.5b 182-day bills
- 7:55am/8:45am: ICSC/Redbook retail sales
- 8:45am: Fed’s Lockhart speaks in Atlanta
- 11am: Fed to sell $7b-8b notes 9/15/2014-4/30/2015
- 11:30am: U.S. Treasury to sell $40b 4-wk., $25b 52-wk. bills
GOVERNMENT
- House, Senate not in session
- Manufacturers Alliance for Productivity and Innovation hosts discussion on NERA report on impact of regulations on U.S. manufacturers, 10am
- API holds conference call briefing to discuss SEC regulations on companies that make payments to foreign governments under Section 1504 of Dodd-Frank financial regulations bill, 10:30am
- Acting Commerce Secretary Rebecca Blank meets local business leaders in Philadelphia, Allentown Pa. on job creation
- NRC holds conference call to discuss apparent violations of regulations regarding radiation safety, security of portable nuclear gauges at facility in Juneau, Alaska, 3pm
- AICPA 2012 National Governmental Accounting & Auditing Update Conference
- ITC meets on seamless carbon, alloy steel standard, line and pressure pipe imports from Germany, 9:30am
- ITC hears patent-infringement case X2Y Attenuators filed against Intel over processor chips in Apple, HP computers, 9am
WHAT TO WATCH:
- Citigroup became first Western bank to issue credit cards in China without co-branding from local financial institution
- Lawyers for Apple, Samsung to make final arguments to jury today following three-week trial over patents
- Spanish borrowing costs fall at 12-month bill auction
- Conoco, Origin Energy said to be working with JPMorgan to help sell stake in their $20b natgas project in Australia
- J&J said to agree to pay ~$600k to resolve 3 cases in first settlements of litigation over hip implants
- Apple set U.S. record for mkt value yesterday
- Facebook director Peter Thiel sold most of his stake yday
- Edison to cut staff at shuttered San Onofre nuclear plant
- Samsung to invest ~$4b in Texas factory to boost output of processors used in smartphones, tablet computers
- President Obama raised almost $9m more in July than Mitt Romney; combined balances as of July 31 for Republican election bid $169m vs $107m for Democrats
- Elpida Memory to get $3.5b in support from Micron
- Consolidated Media Holdings expects to receive details from News Corp. on its takeover proposal within six weeks
- Samick studying possible tender offer for Steinway
- U.S. Trustee overseeing Kodak’s bankruptcy asked to probe patent auction by New York hedge fund
- Apple sued by ex-worker who says Steve Jobs guaranteed his job
- Wall Street struggling to find champion to replace Dimon
- U.S. consumers rated automakers this year at same level as record-high satisfaction score in 2009: American Customer Satisfaction Index
EARNINGS:
- Tech Data (TECD) 6am, $1.19
- Williams-Sonoma (WSM) 6am, $0.41
- DSW (DSW) 7am, $0.62
- Globe Specialty Metals (GSM) 7am, $0.15
- Medtronic (MDT) 7:15am, $0.85; Preview
- Best Buy (BBY) 8am, $0.31; Preview
- Barnes & Noble (BKS) 8:30am
- Raven Industries (RAVN) 9:10am, $0.38
- Intuit (INTU) 4pm, $0.06
- Analog Devices (ADI) 4:01pm, $0.56
- Aspen Technology (AZPN) 4:01pm, $(0.04)
- Dell (DELL) 4:01pm, $0.45
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Bear Market in Tin Shuts 70% of Indonesian Capacity: Commodities
- Oil Supply Rises First Time in Month in Survey: Energy Markets
- Soybeans Top $17 for First Time as Demand Jumps for U.S. Exports
- Commodities Headed for Bull Market as U.S. Drought Withers Crops
- Oil Advances to Three-Month High Before European Debt Meetings
- Copper Gains as European Meetings May Aid Debt-Crisis Progress
- Gold Advances to Three-Week High as Weaker Dollar Spurs Demand
- Glencore CEO to Abandon Xstrata Bid Should Qatar Stymie Deal
- China Buys Most Corn in Six Months as Imports Set for Record
- Cocoa Seen Gaining as Dry Weather Curbs Output; Sugar Declines
- Asia-Pacific Oil Drillers in U.S. Gulf Seen With BP Sale: Energy
- Natural Gas Advances in New York as Tropical Storm May Develop
- South Dakota Corn, Soybean Yields 47 Percent Lower Than 2011
- Copper May Extend Decline While Below $7,622: Technical Analysis
- Soybeans Advance to Record as Demand Rises
- Ohio Corn Yield Falls 29%, Soy Counts Decline, Tour Shows
- Norden Profits as Smallest Ships Beat Bigger Carriers: Freight
CURRENCIES
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
