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TODAY’S S&P 500 SET-UP – August 22, 2012


As we look at today’s set up for the S&P 500, the range is 10 points or -0.30% downside to 1409 and 0.41% upside to 1419. 

                                            

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 08/21 NYSE -344
    • Decrease versus the prior day’s trading of -343
  • VOLUME: on 08/21 NYSE 640.96
    • Increase versus prior day’s trading of 16.39%
  • VIX:  as of 08/21 was at 15.02
    • Increase versus most recent day’s trading of 7.13%
    • Year-to-date decrease of -35.81%
  • SPX PUT/CALL RATIO: as of 08/21 closed at 1.10
    • Down from the day prior at 2.44

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 33
  • 3-MONTH T-BILL YIELD: as of this morning 0.10%
  • 10-Year: as of this morning 1.78%
    • Decrease from prior day’s trading of 1.80%
  • YIELD CURVE: as of this morning 1.50
    • Down from prior day’s trading of 1.51

MACRO DATA POINTS (Bloomberg Estimates)

  • 7am: MBA Mortgage Applications, Aug. 17 (prior -4.5%)
  • 10am: Existing Home Sales, July, est. 4.51m (prior 4.37m)
  • 10am: Existing Home Sales, July, est. 3.2% M/m (prior -5.4%)
  • 10:30am: DoE Inventories
  • 2pm: FOMC Meeting Minutes

GOVERNMENT:

    • House, Senate not in session
    • SEC holds meeting on disclosure rules regarding conflict minerals, payments to governments made by resource extraction issuers, 10am
    • Federal Reserve Bank of Chicago President Charles Evans holds press briefing at U.S. embassy in Beijing, 11:30pm
    • U.S. Census Bureau holds webinar on foreign trade rules, with ombudsman Omari Wooden, 1pm
    • Commerce Dept.’s National Telecommunications and Information Administration meets on consumer data privacy codes of conduct concerning mobile application transparency, 9:30am
    • NRC, FEMA hold conference call to discuss emergency preparedness plans at U.S. nuclear power plants, 2pm

WHAT TO WATCH: 

  • Verizon Wireless said to be planning to sell Nokia with Microsoft’s Windows 8 software this year
  • UPS extends offer period for TNT to Nov. 9 from Aug. 31
  • Dell says PC business deteriorated more than expected
  • RBS said to be probed by U.S. over Iranian sanctions
  • Carl Icahn withdraws offer to take CVR Energy private
  • Jury in Apple, Samsung patent trial begin deliberations
  • ATP wins prelim. approval for bankruptcy financing
  • Sales of existing U.S. homes probably climbed 3.2% in July
  • Exxon, BHP, other energy, mining firms may need to report what they pay each country they tap resources from under rule SEC has votes to adopt
  • BHP delays $68b of project approvals, profit plunges
  • Sirius directors sued by investors for failing to defend co. from potential takeover by Liberty Media
  • IAC/InterActiveCorp said to have offered more than $300m to buy About.com, topping bid from Answers Corp.
  • Allianz trims asset-mgmt unit targets on Europe debt crisis
  • Microsoft, Samsung may face greater scrutiny of labor practices as Apple’s biggest supplier improves conditions at its Chinese plants
  • Japan swings to trade deficit as Europe drags down exports
  • Wet Seal hired financial advisers, adopted poison pill
  • SEC should approve Nasdaq’s proposal to pay firms $62m for losses suffered in Facebook’s IPO, Citadel said
  • Electronic Arts’s PopCap Games fired ~10% of staff

EARNINGS:

    • Express (EXPR) 7am, $0.17
    • Chico’s FAS (CHS) 7:15am, $0.30
    • American Eagle Outfitters (AEO) 8am, $0.21
    • Eaton Vance (EV) 8:40am, $0.47
    • International Rectifier (IRF) 4pm, $(0.15)
    • Kayak Software (KYAK) 4pm, $0.24
    • Hain Celestial (HAIN) 4pm, $0.45
    • Synopsys (SNPS) 4:05pm, $0.50
    • Prospect Capital (PSEC) 4:05pm, $0.40
    • Guess? (GES) 4:05pm, $0.51
    • Hewlett-Packard (HPQ) 4:05pm, $0.98
    • Semtech (SMTC) 4:30pm, $0.41
    • Heico (HEI) 4:40pm, $0.41

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

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