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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
