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发表于 2010-7-30 01:44 PM
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n Its been a classic summer week. The market gyrated quite a bit, but hasn't really done much...SPX is sitting on an aggregate decline of 10 bps for the week so far (but still up 6.9% month to date). As far as performance, the theme of "not going home long on Friday" appears primed to continue. US futures are lower by about 40 bps at press time. Some disappointing earnings overseas, higher than expected Japanese unemployment figures and disappointing UK consumer confidence helping weigh us down. In the US, we do have a bit of eco data of our own to digest. At 8:30am, GDP and Employment Cost Index data will be released. And right around 10am, Chicago Purchasing Managers (street consensus at 56), Univ of Michigan Confidence (street consensus at 67) and NAPM (street consensus at 57) will be released. The big piece of eco data to focus on won't come until Sunday night. China PMI will be released and will be certainly have ripple effects globally. Street expectations are 51.4. There are no Fed speakers or Treasury auctions scheduled on the calendar today.
n Volumes, admittedly respectable, have still been on the lighter side. We could see a pick up in those volumes today given its Month end and there are some Russell Index Month end changes taking place on the close. Liquidity for this month's Russell changes should not be an issue as all names are within 1 day's volume to trade. In the Russell 1000, there are 19 weight changes. Our derivative strategy team estimates R1 indexers will have to raise approximately $312 mln to fund the net buys. In the Russell 2000, there are 39 weight changes, with an estimated $169 mln to raise to fund the net buys. Our EDGE website details all of the changes, including shares, dollar value and liquidity breakdown.
n With today marking the end of the month, and US indices sitting around unchanged for the year, we thought it would be interesting to drill down to the sector level to see what is working. July has been a strong month so far (SPX +6.9%, DOW +7.1%, and Nasdaq +6.8%). Within the SPX, Industrials (+8%), Consumer Discretionary (+4.6%) and Finanacials (+2.2%) lead the way while Healthcare (-8.9%), Energy (-6%), and Info Tech (-4%) lag for the YTD period. For the month, all sectors are in the black. Materials (+11.7%), Industrials (+10%) and Energy (+8.3%) lead while Healthcare (+1%), Consumer Staples (+5.7%) and Financials (+6.6%) lag. According to the data, it seems that the July performance indicates that investors have supported a more "defensive" strategy more recently as we hover between the 1050/1100 trading range.. |
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狗仔卡
发表于 2010-7-30 01:40 PM
