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    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP

As we look at today’s set up for the S&P 500, the range is 21 points or 0.7% (1,114) downside and 1.2% (1,135) upside.  

  • ADVANCE/DECLINE LINE: -233 (+227)
  • VOLUME: NYSE - 946.33 (+8.42% d/d);Very low volume (-17.6%) vs. 30-day average
  • SECTOR PERFORMANCE: Three sectors up XLP, XLV and XLU - The safety trade in a down tape
  • MARKET LEADING STOCKS: Perkinelmer +11.17%, Massey Energy +5.2% and Harmon (-11.7%), Washington Post (-7.6%)

EQUITY SENTIMENT:

  • VIX 21.74 (-1.6%) - The VIX is broken on TRADE
  • SPX PUT/CALL RATIO - 1.74 down from 2.67 (low on 07/15/10 of 0.87)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD - 26.2962 to 26.2388
  •  3-MONTH T-BILL YIELD .14%
  • YIELD CURVE - 2.3691 to 2.3088

COMMODITY/GROWTH EXPECTATION:

  • CRB: 274.71 -1.07%
  • OIL: 80.70 -1.6% (down for 3 days last week)
  • COPPER: 334.30 -0.31% –trading above its TRADE line - BULLISH for growth expectations
  • GOLD: 1,205 (+0.80%)

CURRENCIES:

  • EURO: 1.3280 (0.91%)  - Up 4 of the last 5 days last week - trading above the TRADE line
  • DOLLAR: 8.40 (-0.52%) - Down 4 of 5 days last week - Hedgeye Bearish formation

OVERSEAS MARKETS:

  • ASIA - Asian markets were mixed today after a down day in the USA on Friday - China up 0.53% (-18.45% YTD) and Japan down 0.72% (-9.23% YTD).  Japan economic data was a net negative  - slowing domestic demand and a shrinking current account surplus in June
  • EUROPE -European markets are trading higher reversing Friday's falls helped by Wall Street's paring of declines late in the session.  Mining and oil shares are amongst the leading gainers buoyed by commodity prices on the back of a generally weaker US dollar
  •  EASTERN EUROPE - Trading higher - Russia up 1.5% and Estonia down 1.2%
  • LATIN AMERICA - trading mixed Argentina and Brazil trading lower, while Venezuela trading higher by 1.36%
  • MIDDLE EAST/AFRICA - Mixed with Egypt up 0.88%
Howard Penney
Managing Director

THE DAILY OUTLOOK - levels and trends

 

THE DAILY OUTLOOK - S P

 

THE DAILY OUTLOOK - VIX

 

THE DAILY OUTLOOK - DOLLAR

 

THE DAILY OUTLOOK - OIL

 

THE DAILY OUTLOOK - GOLD

 

THE DAILY OUTLOOK - COPPER