TODAY’S S&P 500 SET-UP - August 26, 2010
As we look at today’s set up for the S&P 500, the range is 28 points or 0.88% (1,040) downside and 1.77% (1,077) upside.
Equity futures are trading modestly above fair value in a follow through to yesterday's late day rally and break a four-day losing streak. Today's macro highlight in an otherwise quiet schedule will be the weekly jobless reading with consensus looking for a (10K) decline.
- PERFORMANCE ONE DAY: Dow +0.20%, S&P +0.33%, Nasdaq +0.84%, Russell 2000 +1.56%
- PERFORMANCE MONTH-TO-DATE: Dow (3.88%), S&P (4.20%), Nasdaq (5.02%), Russell (7.10%)
- PERFORMANCE QUARTER-TO-DATE: Dow +2.93%, S&P +2.39%, Nasdaq +1.53%, Russell (0.79%)
- PERFORMANCE YEAR-TO-DATE: Dow (3.72%), S&P (5.67%), Nasdaq (5.12%), Russell (3.31%)
- NCE/DECLINE LINE: +649 (+2220)
- VOLUME: NYSE - 1115 (-5%)
- SECTOR PERFORMANCE: 6 sectors traded higher - recovery trade lagged the market
- MARKET LEADING/LOOSING STOCKS YESTERDAY: Harman +5.53%, Sears +4.95% and DR Horton +4.61%/Massey -3.38%, Dominion -2.84% and Cabot Oil/Gas -2.48%
- VIX: 26.70 -2.77%
- SPX PUT/CALL RATIO: 1.97 up from 0.87
CREDIT/ECONOMIC MARKET LOOK:
- TED SPREAD: 15.57 0.203 (1.321%)
- 3-MONTH T-BILL YIELD .16% unchanged
- YIELD CURVE: 2.01 from 2.00
- CRB: 261.80 -0.25% down 8 of the last 9 days
- Oil: 72.52 +1.24% looking at a 2 day rally?
- COPPER: 323.15 -0.94%
- GOLD: 1,239 +0.77%
- EURO: 1.2665 -0.06%
- DOLLAR: 83.261 +0.14%
- ASIA - Most markets rose modestly on bargain-hunting and on the heels of the late session rally in the US, but gains were restrained by worries about US new-home-sales data. The weaker yen gave a boost to technology shares in Japan.
- EUROPE - Major indices are higher in a broad based recovery in response to Wall St's late session rally which has encouraged some short covering and a little bargain hunting although volume is light.
- LATIN AMERICA - Argentina and Peru trading higher, while Chile and Brazil are trading down