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    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP - August 31, 2010

As we look at today’s set up for the S&P 500, the range is 29 points or 1.33% (1,035) downside and 1.44% (1,064) upside. 

Equity futures are trading below fair value as concerns prevail about global growth and today’s MACRO data.  Today's macro highlights include Chicago PMI, Consumer Confidence and the FOMC Minutes.

  • PERFORMANCE ONE DAY: Dow (1.39%), S&P (1.47%), Nasdaq (1.56%), Russell (2.44%)
  • PERFORMANCE YEAR-TO-DATE: Dow (4.01%), S&P (5.93%), Nasdaq (6.57%), Russell (3.78%)
  • ADVANCE/DECLINE LINE: -1687 (-3848)
  • VOLUME: NYSE - 818.31 (-25.46%) - Very light volume
  • SECTOR PERFORMANCE: Every sector traded down more than 1% except XLP
  • MARKET LEADING/LOOSING STOCKS YESTERDAY: Genzyme +3.39%, Noble Energy +1.96% and Hewlett Packard +1.47%/Nordstrom -5.15%, Genworth Fin -4.94% and Adv Micro -4.93%

EQUITY SENTIMENT:

  • VIX: 27.21 +11.29% - YTD PERFORMANCE - 25.5%             
  • SPX PUT/CALL RATIO: 3.04 up from 1.11  

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 16.20 -0.508 (-3.038%)
  •  3-MONTH T-BILL YIELD: .14% -0.01%
  • YIELD CURVE: 2.04 from 2.10

COMMODITY/GROWTH EXPECTATION:

  • CRB: 267.76 +0.18% - moved higher last 3 days
  • Oil: 74.70 -0.63%
  • COPPER: 342.95 +1.33%
  • GOLD: 1,237 +0.15%

CURRENCIES:

  • EURO: 1.2678 -0.67%
  • DOLLAR: 83.164 +0.30%

OVERSEAS MARKETS:

  • ASIA - Nikkei (3.55%); Hang Seng (0.97%); Shanghai Composite (052%).  Worries about the US economy prompted profit-taking, causing Asian markets to follow Wall Street down today.
  • EUROPE - European markets fell from the open with financials and mining shares amongst the leading decliners - concerned over the prospects of global economic growth.  Major indices saw session lows early with declines of over 1% before paring falls as better than expected regional economic data provided support.
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