THE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - August 24, 2010

As we look at today’s set up for the S&P 500, the range is 23 points or 0.8% (1,059) downside and 1.4% (1,082) upside.  Equity futures are trading below fair value ahead of the housing data.

  • PERFORMANCE ONE DAY: DOW (0.38%), S&P (0.40%), Nasdaq (0.92%), Russell (1.33%)
  • PERFORMANCE MONTH-TO-DATE: DOW (2.79%), S&P (3.11%), Nasdaq (4.22%), Russell (7.41%)
  • PERFORMANCE QUARTER-TO-DATE: DOW +4.1%, S&P +3.56%, Nasdaq +2.39%, Russell (1.12%)
  • PERFORMANCE YEAR-TO-DATE: Dow (2.43%), S&P (4.28%), Nasdaq (4.83%), Russell (3.63%)
  • ADVANCE/DECLINE LINE: -786 (-284)
  • VOLUME: NYSE - 865.17 (-23%) - no massive selling
  • SECTOR PERFORMANCE: 4 sectors positive on the day - XLU positive on TRADE AND TREND
  • MARKET LEADING/LAGGING STOCKS YESTERDAY: Washington Post +6.07%, Micron Tech +3.65%, and Avon +2.72%. Titanium Metals -4.5%, Flir -4.25%, and Intuit -3.97%

EQUITY SENTIMENT:

  • VIX  - 25.66 +0.67%
  • SPX PUT/CALL RATIO - 1.78 down from 2.03  

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD - 16.94 0.203 (1.210%)
  •  3-MONTH T-BILL YIELD .16% +.01%
  • YIELD CURVE - 2.11 from 2.13

COMMODITY/GROWTH EXPECTATION:

  • CRB: 266.03 -0.37% down 5 of the last 6 days
  • Oil: 73.10 -0.98% looking to be down 10 of the last 11
  • COPPER: 331.25 +0.03% - Not following oil on the down side
  • GOLD: 1,218 -0.17% - looking to be down for 3 days

CURRENCIES:

  • EURO: 1.2668 -0.35% - headed lower for the 4th day
  • DOLLAR: 83.123 +0.08% - headed higher for the 4th day

 OVERSEAS MARKETS:

  • ASIA - Most Asian markets followed Wall Street to the downside. China rebounded to black in late morning trading, helped by recoveries in exporters and resource firms.
  • EUROPE - European markets fell in a broad based retreat; concerns about the economic outlook and poorly received corporate news are not being well received. 
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