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RISK MANAGER subscribers receive the DAILY OUTLOOK every trading morning.  This is a one-off post for this morning.

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As we look at today’s set up for the S&P 500, the range is 37 points or 2.9% (1,062) downside and 0.4% (1,099) upside.

  • PERFORMANCE ONE DAY: Dow +0.09%, S&P +0.15%, Nasdaq +0.28%, Russell 2000 +0.28%
  • PERFORMANCE MONTH-TO-DATE: Dow (0.48%), S&P (0.68%), Nasdaq (1.73%), Russell (3.51%)
  • PERFORMANCE QUARTER-TO-DATE: Dow +6.56%, S&P +6.16%, Nasdaq +5.05%, Russell +3.05%
  • PERFORMANCE YEAR-TO-DATE: Dow (0.12%), S&P (1.88%), Nasdaq (2.36%), Russell +0.43%
  • ADVANCE/DECLINE LINE: 538 (-1221) Breadth was very negative
  • VOLUME: NYSE - 922.63 (-5.96%) - continues to be light
  • SECTOR PERFORMANCE: Three sectors negative - the safety trade - XLU XLV and XLE
  • MARKET LEADING/LOOSING STOCKS: King Pharma +8.88% and US Steel +4.8%; Safeway -4.52% and Sealed air -3.06%


EQUITY SENTIMENT:

  • VIX - 24.59 +1.07 - up 5 of the last 8 days.
  • SPX PUT/CALL RATIO - 1.92 up from 1.72 moving up for the last two days

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD 18.89 down 3.28%%
  •  3-MONTH T-BILL YIELD .16% down 0.01%
  • YIELD CURVE - 2.12 to 2.15

COMMODITY/GROWTH EXPECTATION:

  • CRB: 269.90 -0.11%
  • Oil: 75.42 -0.46%
  • COPPER:337.05 +0.36% - looking to up 5 of the last 6 days
  • GOLD: 1,231 +0.43% - up 5 straight days - Bullish formation

CURRENCIES:

  • EURO: 1.2875 +0.01% up for the last 3 days
  • DOLLAR: 82.223 -0.01%

 
OVERSEAS MARKETS:

  • ASIA - Most Asian markets moved modestly higher today, encouraged by the move in the USA China closed up 0.81%; Japan up 1.32%
  • EUROPE - European markets trading higher.
  • EASTERN EUROPE - Trading higher - Czech Republic and Russia leading the way.
  • MIDDLE EAST/AFRICA - Trading higher  - Jordan and the UAE up; Saudi Arabia down 0.66%

MACRO: The Daily Outlook - chart1

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MACRO: The Daily Outlook - chart7

Howard Penney
Managing Director