Friday, July 2, 2010

Equity sectors: Financials are the worst space in the market $GS $XLF $FAZDiscretionary is also off 1.25% on weakness in autos and IGT

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  • Equity sectors: Financials are the worst space in the market, falling over 1.25% on weakness pretty much across the board. Industrials are off 1.25% on weakness in homebuilders, airlines, and building products.
  • Discretionary is also off 1.25% on weakness in autos and IGT. Energy is  in line with the tape, although refiners are weighing on the group due to lower crack spreads.
  • Tech is slightly ahead of the tape as strength in JNPR, NOVL, and ERTS offsets weakness in semis (SOX off over 1.25%). Materials are outperforming a bit on strength in gold stocks and CF, although steels continue to act poorly and paper stocks also weigh on the group. Telecom is off just under 0.5%, outperforming on strength in VZ. Staples are off under 0.2% and outperforming on strength in beverages, DF, and HSY.
  • Utilities are flattish on the day, outperforming the market on a defensive bid as investors look to reduce beta. Healthcare is up close to 0.25% on the day, the top space in the market, on strength in biotechs (AGN, GENZ, BIIB, and CELG) on news that Sanofi is looking to acquire a biotech company in the US.

· Best Performing sp500 stocks: AGN, GENZ, BIIB, JNPR, BSX, RDC, BF, CF, RSH, CELG · Weakest performing: FTR, ICE, THC, MI, NVDA, ZION, AMD, IGT, SWN, LEN
· Commodities:   Commodities have been mixed – Crude Oil (dn. ~1.2%) & Natural Gas (dn. almost 4%) have both sold off and are trading near their lows. Copper is outperforming (up ~1.2%) while Gold is flattish.
· FX: USD (DXY) has been relatively flat after selling off before the open, dn. ~0.5%. The dollar has strengthened a bit vs. the pound and is flattish, while the euro has rallied and is up ~0.4%. The dollar has been flat vs. the yen throughout the day.
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