TODAY’S S&P 500 SET-UP – July 12, 2013
As we look at today's setup for the S&P 500, the range is 47 points or 2.45% downside to 1634 and 0.36% upside to 1681.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.22 from 2.24
- VIX closed at 14.01 1 day percent change of -1.41%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: PPI, M/m, June, est. 0.5% (prior 0.5%)
- 9:55am: U. Mich Confidence, July, P, est. 84.7 (prior 84.1)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 1pm: Baker Hughes rig count
- Fed’s Plosser, Bullard speak in Jackson Hole, Wyo.
- 5:15pm: Fed’s Williams presents paper in Vancouver
GOVERNMENT:
- President Obama’s schedule TBA; Senate in session; House not in session
- 12pm: CFTC holds meeting to consider “Final Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations”
WHAT TO WATCH
- Billionaire Icahn says he’ll sweeten Dell offer
- China FinMin Lou Jiwei signals economic growth may miss target
- China money-supply growth trails ests
- Schneider Electric offers $5b for Invensys takeover
- H&R Block to sell bank assets in plan to exit Fed oversight
- Fannie Mae investors sue U.S. over 2012 terms of takeover
- Bernanke, G-20, Dell, China GDP, Google: Wk Ahead July 13-20
EARNINGS:
- JPMorgan Chase (JPM) 7am, $1.45 - Preview
- Washington Federal (WAFD) 6am, $0.33
- Webster Financial (WBS) 8am, $0.47
- Wells Fargo (WFC) 8am, $0.93 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Crude Heads for Third Weekly Advance; Seen Rising in Survey
- Gold Traders Most Bullish in Five Weeks After Fed: Commodities
- Cocoa Processing in Asia Seen Falling as Powder Reserves Persist
- Coffee Harvest in Vietnam Heading for Second Highest on Rainfall
- Copper May Decline 13% on Death Cross Signal: Technical Analysis
- Gold’s Decline Pares Best Week Since 2011 as Dollar Strengthens
- Corn Falls on Signs of Ample Supplies Amid Declining Demand
- Palm Oil Tumbles as USDA Raises Forecast for Soybean Supplies
- Ships Told to ‘Shift Out’ at Kaohsiung on Typhoon: Inchcape
- WTI Crude May Gain Next Week After Supplies Tumble, Survey Shows
- Tokyo Commodity Exchange’s Ezaki Says Talks With CME Continue
- Taqa to Halt U.K.’s Eider, North Cormorant Oil Fields End-August
- Nickel Premiums Hit Lows Amid High Stocks, Oversupply: BI Chart
- Coffee Climbs in London as Rain Seen Delaying Crop in Indonesia
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team