TODAY’S S&P 500 SET-UP – July 16, 2013
As we look at today's setup for the S&P 500, the range is 48 points or 1.93% downside to 1650 and 0.92% upside to 1698.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.21 from 2.21
- VIX closed at 13.79 1 day percent change of -0.36%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC retail sales
- 8:30am: CPI M/m, June, est. 0.3% (prior 0.1%)
- 8:30am: CPI Ex Food & Energy, M/m, June, est. 0.2%
- 8:55am: Redbook weekly retail sales
- 9am: Total Net TIC Flows, May (prior $12.7b)
- 9:15am: Industrial Production, June, est. 0.3% (prior 0.0%)
- 9:15am: Capacity Utilization, June, est. 77.7% (prior 77.6%)
- 9:15am: Manufacturing Prod., June, est. 0.2% (prior 0.1%)
- 10am: NAHB Housing Market Index, July, est. 51 (prior 52)
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 2:15pm: Fed’s George speaks in Kansas City
- 4:30pm: API crude, oil product inventories
GOVERNMENT:
- Vice President Joe Biden officiates over Ed Markey (D-Mass.) swearing-in ceremony, 10am
- Senate Majority Leader Harry Reid, D-Nev., said he plans procedural vote on nomination of Richard Cordray to head CFPB
- Senate Energy and Natural Resources Cmte holds hearing on how U.S. gasoline, fuel prices are being affected by current boom in domestic oil production, restructuring of refining industry, distribution system, 10am
- Fed, OCC, FDIC swaps pushout rule effective date
- Senate Banking Cmte considers nominations of Mel Watt to lead Federal Housing Finance Agency, Jason Furman as chairman of Housing Finance Agency, and Kara Stein, Michael Piwowar and Mary Jo White to be members of SEC, 10am
- House Energy and Commerce Cmte’s panel on health holds hearing on drug compounding regulations, 3pm
WHAT TO WATCH
- Baidu to buy 91 Wireless for $1.9b to add an app store
- Loeb’s Third Point Reinsurance files for U.S. IPO
- Honeywell beacon faces scrutiny in probe of Boeing 787 fire
- Senate nears showdown votes on nominees as leaders seek solution
- European car sales fell to 2-decade low in June
- China widens drugmaker probe as Glaxo bribery charges outlined
- Gross adds to holdings of Treasuries after TIPS losing bet
- AT&T offers monthly smartphones plan in nod to T-Mobile move
- German July ZEW investor confidence unexpectedly drops
- New York regulator seeks details on Athene, Aviva deal: WSJ
- Orchard Supply gets court approval of $176m in financing
- Generali said to sell private-equity fund stakes to Lexington
- Fed should make unconventional tools norm, Posen says in FT
- U.K. June inflation rate 2.9% Y/y vs est. 3%, previous 2.7%
EARNINGS:
- Comerica (CMA) 6:40am, $0.70
- Mosaic (MOS) 7am, $1.15 - Preview
- Coca-Cola (KO) 7:30am, $0.63 - Preview
- Goldman Sachs (GS) 7:35am, $2.89 - Preview
- Johnson & Johnson (JNJ) 7:45am, $1.39 - Preview
- Charles Schwab (SCHW) 8:45am, $0.19
- CSX (CSX) 4:01pm, $0.47
- Interactive Brokers (IBKR) 4:01pm, $0.21
- Yahoo! (YHOO) 4:05pm, $0.30 - Preview
- United Rentals (URI) 4:10pm, $1.00
- Packaging Corp of America (PKG) 5pm, $0.63
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Trades Near Three-Day High as Oil Stockpiles Seen Shrinking
- Record Pork Supply Seen as U.S. Farms Profit Again: Commodities
- Copper Advances Before Figures on U.S. Industrial Production
- Coffee Reaches Seven-Week High on Vietnam Exports; Cocoa Gains
- Corn Rises on Signs of Worsening U.S. Crop Conditions After Heat
- Gold Swings in London as Investors Await Bernanke’s Testimony
- Palm Oil Exports From Indonesia Drop on Weak India, China Demand
- Gold Longest Below 200-Day Average Since ’01: Technical Analysis
- Glencore Xstrata to Suspend Its Australian Iron Ore Operations
- China to Import More Oil as 2013 Demand Set to Rise 5%: Barclays
- Rebar Rises to Highest in Almost Three Months as Inventory Drops
- Indonesia-EU Palm Oil Exports Jump on Biodiesel Use: BI Chart
- Tea Party May Lose Food-Stamp Cuts Sought by Dividing Farm Law
- Rio Tinto’s Iron Ore Output Increases 7% as Copper Target Raised
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team