1. S&P Futures
S&P Futures bounce off overnight lows. S&P e-mini Futures flirted with the 2058 mark before rebounding higher by eight handles on M&A activity, no earnings "blow ups" and shares of Valeant Pharmaceuticals Intl Inc VRX rebounding during the company's conference call.
2. Market Sells Off
After opening higher, most indices traded lower on: 1) weak home sales data, 2) Apple Inc. AAPL and semiconductor weakness from DIALOG SEMICON ORD DLGNF's earnings report semi read-through in Germany and 3) chatter of $13 billion of equities for sale heading into the end of the month as equities outperformed fixed income.
3. Near-Flat Trading Rebound
Market rebounds to trade near flat. Healthcare stocks gained following Valeant's conference call, while Internet stocks gained as Chinese ADRs led the way.
4. Hedge Fund Returns
There's been a huge dispersion of October hedge fund returns. The analysts suggested that October could see elevates, or even an all-time high dispersion of monthly returns for equity long and short hedge funds.
5. Dallas Fed Manufacturing
Dallas Fed Manufacturing read -12.7, while the expected number was -9.5. Meanwhile, Richmond Fed survey will be released Tuesday.
6. Monetary Policy
Monetary policy remains in focus. Last week, the European and Chinese central banks were in focus, but now the Bank of Japan may face pressure to further ease its monetary policy.
7. S&P Skew
The S&P skew has fallen to the 28th percentile.
8. Technical Levels
Technical levels are in focus as the S&P 500 (December) extended its break above the key resistance level of 2033/54 to test the 78.6 percent retracement barrier at 2069. Extension above these levels put the 2103/08 level in focus. Support moves to 2058 ahead of price and 200-day average support at 2054/53.
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