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TODAY’S S&P 500 SET-UP – July 17, 2013


As we look at today's setup for the S&P 500, the range is 45 points or 1.21% downside to 1656 and 1.48% upside to 1701.                                 

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: 2.23 from 2.21
  • VIX  closed at 14.42 1 day percent change of 4.57%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 12 (prior -4%)
  • 8:30am: Housing Starts, June, est. 960k (prior 914k)
  • 8:30am: Building Permits, June, est. 1m (pr. revised 985k)
  • 8:30am: Fed’s Bernanke written testimony for semi-annual report to U.S. House to be released
  • 10am: Bernanke begins testifying
  • 10:30am: DOE Energy Inventories
  • 12pm: Fed’s Stein delivers remarks at Fed conf. in D.C.
  • 1pm: Fed’s Raskin speaks to Exchequer Club in Washington
  • 1pm: U.S. to sell $15b 10Y TIPS
  • 2pm: Fed releases Beige Book

GOVERNMENT:

    • 10am: Senate Appropriations panel hearing on FY2014 budget estimates for Missile Defense Agency
    • 10am: House Armed Svcs Cmte hearing on security in Syria, implications for U.S. natl security, policy options
    • 10am: Senate Banking, Housing and Urban Affairs Cmte panel hearing on the consumer debt industry
    • 10am: Senate Commerce, Science and Transportation Cmte panel hearing on expansion of Internet gambling
    • 2:30pm: Senate Agriculture panel hearing on “Reauthorization of Commodity Futures Trading Commission”
    • 3pm: Republican Study Committee’s Energy Task Force meeting on repealing the renewable fuel standard

WHAT TO WATCH         

  • Bernanke seeks to divorce QE tapering from Fed rate outlook
  • Ally said to weigh raising $1b to pass Fed stress tests
  • Yahoo forecast trails ests. as Mayer builds products first
  • BOE votes 9-0 to hold bond program at GBP375b
  • Google said to discuss own Web TV service with media executives
  • Barclays, traders fined $488m amid U.S. energy probe
  • S&P loses final ruling on bid to dismiss U.S. fraud lawsuit
  • Apple said developing ad-skipping as part of TV strategy
  • Ford offers software fix as hybrids comes up short of promise
  • Prudential said to win support from DeMarco to avoid risk label
  • China won’t have large stimulus this yr, finance minister says
  • U.K. jobless claims fall most in 3 yrs
  • Novartis raises full-yr forecasts on lack of Diovan rival
  • Chevron signs $1.24b shale accord With Argentina’s YPF

EARNINGS:

    • First Cash Financial Services (FCFS) 6am, $0.56
    • Mattel (MAT) 6am, $0.32 - Preview
    • PNC Financial Services (PNC) 6:24am, $1.63
    • Bank of New York Mellon (BK) 6:30am, $0.57
    • US Bancorp (USB) 6:45am, $0.76
    • Bank of America (BAC) 7am, $0.26 - Preview
    • First Republic Bank (FRC) 7am, $0.72
    • iGATE (IGTE) 7am, $0.34
    • Northern Trust (NTRS) 7:30am, $0.83
    • St Jude Medical (STJ) 7:30am, $0.94 - Preview
    • Textron (TXT) 7:30am, $0.38
    • Abbott Laboratories (ABT) 7:44am, $0.44 - Preview
    • WW Grainger (GWW) 8am, $2.96
    • M&T Bank (MTB) 8:01am, $2.11
    • Platinum Underwriters Holdings (PTP) 4pm, $0.69
    • RLI (RLI) 4pm, $1.09
    • Plexus (PLXS) 4pm, $0.58
    • Covanta Holding (CVA) 4:01pm, $0.01
    • Greenhill (GHL) 4:01pm, $0.53
    • Intel (INTC) 4:01pm, $0.39 - Preview
    • Select Comfort (SCSS) 4:01pm, $0.24
    • Albemarle (ALB) 4:03pm, $0.98
    • American Express (AXP) 4:04pm, $1.22
    • LaSalle Hotel Properties (LHO) 4:04pm, $0.72
    • CYS Investments (CYS) 4:05pm, $0.29
    • El Paso Pipeline (EPB) 4:05pm, $0.47
    • International Business Machines (IBM) 4:05pm, $3.78 -Preview
    • Kinder Morgan (KMI) 4:05pm, $0.32
    • SanDisk (SNDK) 4:05pm, $0.93
    • Umpqua Holdings (UMPQ) 4:05pm, $0.22
    • Kinder Morgan Energy (KMP) 4:06pm, $0.60
    • Core Laboratories (CLB) 4:06pm, $1.32
    • eBay (EBAY) 4:15pm, $0.63 - Preview
    • SLM (SLM) 4:15pm, $1.00
    • Xilinx (XLNX) 4:20pm, $0.47
    • Astoria Financial (AF) 4:30pm, $0.12
    • Cathay General Bancorp (CATY) 4:30pm, $0.35
    • Cohen & Steers (CNS) 4:30pm, $0.43
    • CVB Financial (CVBF) 4:30pm, $0.21
    • East West Bancorp (EWBC) 4:45pm, $0.51
    • Noble (NE) 5pm, $0.56
    • Crown Holdings (CCK) 5:01pm, $0.93
    • West Fraser Timber (WFT CN) 5:01pm, C$1.79
    • HNI (HNI) 5:12pm, $0.25
    • Valmont Industries (VMI) 5:30pm, $2.92
    • Steel Dynamics (STLD) 6pm, $0.14
    • Kinder Morgan Management LLC (KMR) Aft-mkt, $0.67

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Tin Shipments From Indonesia Seen Advancing 33% as Rules Eased
  • Gold Slump Revives Hedges Scrapped During Bull Run: Commodities
  • Copper Slides as Higher Production Fuels Concern About Surplus
  • Gold Declines for Third Day in Four as Investors Await Bernanke
  • WTI Crude Declines for a Second Day Before Bernanke Testimony
  • Wheat Rises on Speculation That Chinese Demand Will Increase
  • Rebar Climbs for Sixth Day on Iron Ore Rally, China Optimism
  • Robusta Coffee Gains as Indonesian Deliveries Drop; Cocoa Gains
  • China’s Iron-Ore Shift Helps Cargill at Ports: Chart of the Day
  • Barclays With Ex-Traders Fined $488 Million in U.S. Energy Probe
  • U.S. Gulf Oil Profits Lure $16 Billion More Rigs by 2015: Energy
  • LNG Price-Swing Risk Seen as Threat to Futures: Energy Markets
  • European Gasoline Prices Climb to Highest in 20 Weeks: BI Chart
  • Commodities Daybook: Gold Price Tumble Revives Hedging Prospects
  • Gold Imports by India Seen Shrinking as Curbs Increase Costs

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