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TODAY’S S&P 500 SET-UP – July 15, 2013


As we look at today's setup for the S&P 500, the range is 48 points or 2.27% downside to 1642 and 0.58% upside to 1690.     

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.25 from 2.24
  • VIX closed at 13.84 1 day percent change of -1.21%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8am: Fed’s Tarullo speaks on banking regulation in D.C.
  • 8:30am: Empire Manufacturing, July, est. 5 (prior 7.84)
  • 8:30am: Advance Retail Sales, June, est. 0.7% (prior 0.6%)
  • 10am: Business Inventories, May, est. 0.2% (prior 0.3%)
  • 11am: Fed to purchase $750m-$1b in 2023-2031 sector
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • Fed Governor Tarullo speaks on Dodd-Frank law’s implementation, Basel III rules and possible further measures to bolster requirements for largest U.S. banks, 8am
    • House will likely vote this week on bill that would let states implement minimum federal standards for disposing coal ash generated by power plants, giving EPA a secondary regulatory role
    • Senate Homeland Security and Governmental Affairs Cmte holds hearing on “Strategic Sourcing: Leveraging the Government’s Buying Power to Save Billions,” 3pm
    • FHFA deadline for comments on proposed rule on Golden Parachute and Indemnification payments
    • President George W. Bush, with his wife Laura Bush, returns to White House for Point of Light award
    • Under Secretary for Intl Affairs Lael Brainard will preview meeting of G20 finance ministers, central bank governors in Russia and discuss the U.S.-China Strategic and Economic Dialogue, 4pm

WHAT TO WATCH

  • AT&T’s $1.2b Leap deal puts pressure on smaller rivals to pair up
  • MB Financial agrees to acquire Taylor Capital for $22/share
  • Boeing 787 fire in London unrelated to battery, U.K. says
  • China’s economy slowed to up 7.5% in 2Q, matching ests.
  • China almost doubles foreign funds’ access to capital markets
  • Vivus invites First Manhattan to have 3 nominees join board
  • Citigroup, BofA, others report charge-offs, delinquencies
  • Microsoft cuts Surface tablet prices by as much as 30%
  • GE weighs Invensys bid after Schneider offer, Times reports
  • “Despicable Me 2” edges out Sandler comedy in weekend
  • Goldman’s Fabrice Tourre set to face SEC fraud trial today
  • Health-care spending in U.S. seen as starting to flatten: WSJ
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • Retail sales probably climbed: U.S. Economy Weekly Preview
  • Bernanke, G-20, Dell, China GDP, Google: Wk Ahead July 13-20

EARNINGS:

    • Citigroup (C) 8am, $1.18 - Preview
    • JB Hunt Transport (JBHT) 4pm, $0.74
    • Brown & Brown (BRO) 4:15pm, $0.35
    • Healthcare Services (HCSG) 4:15pm, $0.19
    • Cintas (CTAS) 4:15pm, $0.70       

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Falls After Third Weekly Gain as Chinese Growth Slows
  • Hedge Funds Bought Gold in Biggest Rally Since 2011: Commodities
  • Refined Palm Imports by India Seen at Record High on Lower Taxes
  • Gold Is Little Changed After Best Week Since 2011 on Stimulus
  • Copper Falls as Weakening Chinese Economy Fuels Demand Concern
  • Corn Extends July’s Biggest Slump on Improving Outlook in U.S.
  • Cocoa Rebounds After European Processing Data; Coffee Retreats
  • China June Crude Steel Output Falls to Four-Month Low on Prices
  • Shale Skeptics Take On Pickens as Gas Fuels Policies: Energy
  • Zinc 15% Capacity Loss Has Miners Struggling to Fill Supply Gap
  • Crude Bets Jump to Two-Year High as Demand Soars: Energy Markets
  • Citigroup Says Not Yet Time for ‘Bottom-Fishing’ in Commodities
  • Milk Price War Pits California Dairy Farms Against Cheesemakers
  • Palm Oil Drops to Two-Month Low as Chinese Demand Seen Falling

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team