TODAY’S S&P 500 SET-UP – July 11, 2013
As we look at today's setup for the S&P 500, the range is 42 points or 1.55% downside to 1627 and 0.99% upside to 1669.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.22 from 2.27
- VIX closed at 14.21 1 day percent change of -0.98%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Import Price Index, M/m, June, est. 0.0% (pr. -0.6%)
- 8:30am: Init Jobless Claims, week of July 6, est. 340k
- 9:45am: Bloomberg Cons Comfort, week of July 7 (pr. -27.5)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed’s Tarullo testifies on regulation to Senate
- 11am: Fed to buy $1b-$1.5b TIPS in 7/15/2017-2/15/2043 sector
- 1pm: U.S. to sell $13b 30Y bonds in reopening
- 2pm: Monthly Budget Statement, June, est. $100b
GOVERNMENT:
- 9am: U.S.-China Economic and Security Review Commission holds roundtable on deterring cyber theft
- 11am: Senate Banking, Housing and Urban Affairs Cmte hearing on “Mitigating Systemic Risk Through Wall Street Reforms,” w/ Fed Governor Daniel Tarullo, FDIC Chairman Martin Gruenberg, Comptroller of the Currency Tom Curry
- 3:30pm: ACLU, Assn for Molecular Pathology briefing on Supreme Court decision to strike down patents on human genes
WHAT TO WATCH
- June U.S. retail sales likely helped by heat, pent-up demand
- Euronext will be spun off in IPO mid-2014, Cerutti says
- Microsoft reorganization to be announced today: AllThings D
- BOJ keeps monetary policy on hold as recovery signs seen
- U.S., Europe said poised to announce agreement on swap rules
- PC shipments fall for 5th quarter even as U.S. decline slows
- Bank Indonesia raises benchmark rate more than forecast to 6.5%
- Luxembourg PM to resign amid security service spying probe
- Heineken sells Hartwall unit to Royal Unibrew for $614m
- Sprint drops Nextel from co. name as SoftBank takes control
EARNINGS:
- Commerce Bancshares (CBSH) 7am, $0.71
- Corus Entertainment (CJR/B CN) 7am, C$0.51
- Progressive (PGR) 8:12am, $0.41
- Bank of the Ozarks (OZRK) 6pm, $0.57
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- IEA Sees 20-Year Supply Peak Outpacing Demand Recovery in 2014
- Corn Bets Turn Bearish as Rain Revives U.S. Crops: Commodities
- Thai Sugar Harvest Seen at Record Adding to Global Surplus
- WTI Trades Near 15-Month High as U.S. Crude Inventories Plunge
- Copper Reaches Three-Week High on Outlook for Further Stimulus
- Gold Nears $1,300 After Fed’s Bernanke Backs Sustained Stimulus
- Commodity Traders Face New Squeeze as Storage Congestion Spreads
- Crude-by-Rail Profits Fall as WTI-Brent Narrows: Energy Markets
- Raw Sugar Rebounds in New York After Brazil Raises Interest Rate
- Japan Purchases Alternatives to Oregon Wheat in Tender
- Zinc May Advance to $1,974 on Retracement: Technical Analysis
- South Africa Mine Wage Talks Open With Highest Demands on Record
- Iron Ore Bests Metals as Prices Have Gone Nowhere Since 1913
- Corn Gains as Investors Weigh Stress Risk to Record U.S. Crop
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team