TODAY’S S&P 500 SET-UP – August 23, 2012
As we look at today’s set up for the S&P 500, the range is 9 points or -0.25% downside to 1410 and 0.39% upside to 1419.
SECTOR AND GLOBAL PERFORMANCE
EQUITY SENTIMENT:
- ADVANCE/DECLINE LINE: on 08/22 NYSE -648
- Decrease versus the prior day’s trading of -344
- VOLUME: on 08/22 NYSE 600.77
- Decrease versus prior day’s trading of -6.27%%
- VIX: as of 08/22 was at 15.11
- Increase versus most recent day’s trading of 0.60%
- Year-to-date decrease of -35.43%
- SPX PUT/CALL RATIO: as of 08/22 closed at 2.41
- Up from the day prior at 1.10
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 1.68%
- Decrease from prior day’s trading of 1.69%
- YIELD CURVE: as of this morning 1.43
- Unchanged from prior day’s trading
MACRO DATA POINTS (Bloomberg Estimates)
- 8:30am: Initial Jobless Claims, Aug. 18 wk., est. 365k (prior 366k)
- 9am: Markit US PMI Preliminary, Aug., est. 51.5 (prior 51.8)
- 9:45am: Bloomberg Consumer Comfort, Aug. 19 (prior -44.4)
- 10am: New Home Sales, July, est. 365k (prior 350k)
- 10am: New Home Sales, M/m, July, est. 4.3% (prior -8.4%)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas change
- 11am: Fed to purchase $1.5b-2b notes 11/15/2022-2/15/2031
- 1pm: U.S. Treasury to sell $14b 5-yr TIPS (reopening)
GOVERNMENT:
- House, Senate not in session
- Quinnipiac U,, CBS News, NY Times discuss swing-state poll on Obama/Romney matchup conducted in Fla, Ohio, Wisc., 10am
- Federal Election Commission holds audit hearing on McCain- Palin 2008, McCain-Palin Compliance Fund, 10am
- FERC meets on natural gas, electricity market coordination in U.S. Southeast, 9am
- Oxfam America holds a conference call briefing on final rules for oil, mining transparency provision of Dodd-Frank Act Consumer Protection Act after SEC vote, 10am
- SEC holds closed meeting on enforcement matters, 2pm
WHAT TO WATCH:
- Best Buy said to resume talks with founder Richard Schulze about agreement to allow him to conduct due diligence
- Sales of new homes in U.S. probably climbed 4.3% in July
- Euro-area services, manufacturing contract for seventh mo.
- Pfizer lawyers to ask federal judge today to throw out claims the fen-phen diet pills caused fatal disease
- Hertz said to start soliciting Dollar Thrifty shareholders to gauge their selling price
- EU regulators resumed review of UPS’s bid for TNT Express; set new deadline of Dec. 20 to rule on deal
- David’s Bridal agreed to be acquired by Clayton, Dubilier for $900m: N.Y. Post
- U.S. to expand missile defense system in Asia: WSJ
- Chesapeake Energy accused of letting CEO McClendon profit from Texas oil, gas wells while denying same chance to leaseholders on properties
- Qantas cancels order for 35 Dreamliners after annual loss
- Pilots at American Airlines, US Airways said to be considering terms of transitional labor pact if carriers merge
- Sirius holders lost bid to stop Liberty Media from seeking to acquire controlling stake
- SEC Chairman Mary Schapiro canceled vote on proposal to tighten money-market fund rules amid opposition
- Ancestry said to seek higher buyout bids from Permira, TPG
- Facebook won FTC approval for acquisition of Instagram
- Citigroup urges SEC to block Nasdaq’s Facebook plan to pay $62m in compensation
- China manufacturing may contract at faster pace in August
- First Solar plans to develop solar farms in India
- Broadview Networks filed for bankruptcy protection yesterday
- Lawyers for Kazuo Okada return to Nevada court today to argue for access to Wynn Resorts’s book\ Brazil may need to import U.S. ethanol if fuel mix raised this year, CEO for Bunge in Brazil told Bloomberg News
EARNINGS:
- Big Lots (BIG) 6am, $0.41
- Hormel Foods (HRL) 6:30am, $0.41
- Patterson (PDCO) 7am, $0.49
- Lancaster Colony (LANC) 7:16am, $0.79
- Signet Jewelers Ltd (SIG) 7:30am, $0.83
- Toro (TTC) 8:30am, $0.63
- Micros Systems (MCRS) 4:02pm, $0.60
- Autodesk (ADSK) 4:02pm, $0.49
- Aruba Networks (ARUN) 4:03pm, $0.17
- Salesforce.com (CRM) 4:05pm, $0.39
- Solera Holdings (SLH) 4:05pm, $0.62
- Mentor Graphics (MENT) 4:15pm, $0.17
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
CURRENCIES
EUROPEAN MARKET
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team