RISK MANAGER subscribers receive the DAILY OUTLOOK every trading morning. This is a one-off post for this morning.
_______________________________________________________________________________________________
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%
Howard Penney
Managing Director