TODAY’S S&P 500 SET-UP - September 13, 2010

As we look at today’s set up for the S&P 500, the range is 22 points or -0.23% (1,107) downside and 1.75% (1,129) upside.  Equity futures are trading above fair value in response to the new global capital standard rules for banks announced over the weekend with better-than-expected Chinese August production, consumption and inflation data also underpinning sentiment.

  • Airgas (ARG) said Sept. 10 it may buy back $700m or more stock should Air Products & Chemicals (APD) withdraw its $5.5b offer
  • Casey’s General Stores (CASY): Alimentation Couche-Tard (ATD/B CN) said it may raise offer following $40-shr bid from 7-Eleven
  • Comverse Technology (CMVT) delayed filing results for quarter ended July 31, saying it needs time to adjust past earnings
  • EResearchTechnology (ERES) said CEO Michael McKelvey will retire and company is searching for a successor
  • Intuit (INTU) may rise as much as 25% in next 12 months, Barron’s reported, citing Cowen’s Peter Goldmacher
  • Oshkosh (OSK) got a $260m contract to produce 2,060 medium tactical vehicles, DoD says
  • PG&E (PCG): Sections of PCG pipeline that ruptured in Sept. 9 blast are being sent to Washington for testing and analysis
  • Patriot Coal (PCX US) cut 3Q sales volume est. by 10%
  • VMWare (VMW) may decline amid growing challenges from rivals, Barron’s reported
  • Williams-Sonoma (WSM) said it plans to buy back as much as $65m more shares
  • Xerox (XRX) may double as it pushes into data processing, analysis and storage, Barron’s reported


  • One day: Dow +0.46%, S&P +0.49%, Nasdaq +0.28%, Russell +0.29%
  • Month-to-date: Dow +4.47%, S&P +5.74%, Nasdaq +6.08%, Russell +5.71%
  • Quarter-to-date: Dow +7.05%, S&P +7.65%, Nasdaq +6.32%, Russell +4.43%
  • Year-to-date: Dow +0.33%, S&P (0.5%), Nasdaq (1.18%), Russell +1.77%


  • VOLUME: NYSE - 756.23 (-9.88%)  
  • SECTOR PERFORMANCE: Only sector down on Friday was the XLU
  • MARKET LEADING/LAGGING STOCKS YESTERDAY: Moody’s +5.85%,Cameron +3.95% and Viacom +3.69%/PG&E -8.35%, Natl Semi -6.36% and Micron -4.26%
  • VIX: 21.99 -3.59% - YTD PERFORMANCE: (+1.43%)            
  • SPX PUT/CALL RATIO: 1.95 from 1.88  


  • TED SPREAD: 15.83, -0.203 (-1.265%)
  •  3-MONTH T-BILL YIELD: .14% trading flat
  • YIELD CURVE: 2.23 from 2.20


  • CRB: 275.14 +0.71% - Two down days in the last nine
  • Oil: 76.45 +2.96% 
  • COPPER: 340.65 -1.07%
  • GOLD: 1,243 -0.23%


  • EURO: 1.2679 -0.17%
  • DOLLAR: 82.698 +0.03%



  • Asian markets: Nikkei +0.89%; Shanghai Composite +0.94%
  • Markets closed sharply higher, boosted by Chinese economic data released this weekend. Banks rose on the release of Basel III requirements that met expectations and resource stocks gained on higher crude futures.
  • Japan was broadly higher.
  • Banks gained 2% on the Basel rules, and China-linked shares went up on the Chinese economic data


  • FTSE 100: +0.8%; DAX +0.8%; CAC 40 +1.1%
  • Indices are trading higher with financial names to the fore as markets react positively to the improved visibility afforded by the new capital adequacy rules established by Basell III. 
Howard Penney
Managing Director

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