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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%

EQUITY SENTIMENT:

  • 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

COMMODITY/GROWTH EXPECTATION:

  • 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%

CURRENCIES:

  • EURO: 1.2665 -0.06%
  • DOLLAR: 83.261 +0.14%

OVERSEAS MARKETS:

  • 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
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