THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 18, 2013


As we look at today's setup for the S&P 500, the range is 38 points or 1.07% downside to 1663 and 1.20% upside to 1701.                             

                                                                                                  

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.18 from 2.19
  • VIX closed at 13.78 1 day percent change of -4.44%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init Jobless Claims, July 13, est. 345k (prior 360k)
  • 9:45am: Bloomberg Economic Expectations, July (prior -1)
  • 9:45am: Bloomberg Consumer Comfort, July 14 (prior -27.3)
  • 10am: Fed’s Bernanke delivers semi-annual report to Senate
  • 10am: Philadelphia Fed Index, July, est. 8 (prior 12.5)
  • 10am: Leading Indicators, June, est. 0.3% (prior 0.1%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 1pm: U.S. to sell $15b 10Y TIPS
  • G-20 Finance Ministers’ and Central Bank Governors’ deputies meet in Moscow (through July 19)

GOVERNMENT:

    • Bernanke delivers his semi-annual monetary policy report, known as Humphrey-Hawkins, to Senate Banking Cmte, 10am
    • Obama speaks on health-care law, 11:25am
    • Obama attends ambassador credentialing ceremony
    • Vice President Joe Biden attends CAP event on U.S. policy toward Asia-Pacific region, 1pm
    • House, Senate in session
    • Treasury IG for Tax Admin J. Russell George testifies on probe of IRS political targeting of tax-exempt orgs. at Cmte on Oversight and Govt Reform hearing, 11am
    • House Judiciary Committee panel holds hearing on Voting Rights Act following Supreme Court’s ruling, 11am
    • Senate Banking Cmte votes on Mel Watt to be FHFA director; Jason Furman to be CEA chairman; Kara Stein, Michael Piwowar to be SEC members; Richard Metsger to be a NCUA member; Mary Jo White for SEC chairman, 10:30am
    • House Financial Services Cmte holds hearing on housing finance, 1pm

WHAT TO WATCH         

  • Dell $24.4b buyout plan is a nail-biter as vote looms
  • Icahn “definitely” has a candidate for Dell CEO
  • Almost 30% of Dell shares to vote against deal, WSJ Says
  • Intel rev forecast misses some ests; EBay 3Q view below est
  • IBM raises yr forecast after earnings exceed ests
  • AmEx record profit beats ests as card spending climbs
  • China June new-home prices rise Y/y in 69 cities
  • U.K. retail sales rose for 2nd month in June
  • Gupta ordered to pay $13.9m in SEC insider-trading case
  • PepsiCo said not to plan to acquire Mondelez at Peltz’s urging
  • JPMorgan, FERC near settlement on electricity mkt probe: WSJ
  • Netflix’s “House of Cards” may get Emmy nomination
  • Credit Suisse sued for $350m over marketing resort loans
  • GM delays Chevy Cruze debut by a yr, Reuters says

EARNINGS:

    • BB&T (BBT) 5:45am, $0.74
    • Huntington Bancshares (HBAN) 5:55am, $0.16
    • UnitedHealth Group (UNH) 6am, $1.25
    • Danaher (DHR) 6am, $0.87
    • AutoNation (AN) 6:15am, $0.73
    • KeyCorp (KEY) 6:17am, $0.20
    • BlackRock (BLK) 6:30am, $3.81
    • Fifth Third (FITB) 6:30am, $0.42
    • Quest Diagnostics (DGX) 6:31am, $1.09 - Preview
    • Hubbell (HUB/B) 6:58am, $1.30
    • Philip Morris International (PM) 7am, $1.41
    • Baxter International (BAX) 7am, $1.13
    • Johnson Controls (JCI) 7am, $0.75
    • Omnicom Group (OMC) 7am, $1.08
    • Dover (DOV) 7am, $1.29
    • AMR (AAMRQ) 7am, $0.80
    • Scholastic (SCHL) 7am, $0.82
    • PPG Industries (PPG) 7:10am, $2.35
    • Morgan Stanley (MS) 7:15am, $0.43 - Preview
    • Verizon Communications (VZ) 7:30am, $0.72 - Preview
    • Sonoco Products (SON) 7:30am, $0.58
    • Fairchild Semiconductor (FCS) 7:30am, $0.08
    • Shoppers Drug Mart (SC CN) 7:45am, C$0.72
    • Union Pacific (UNP) 8am, $2.35
    • Blackstone Group (BX) 8am, $0.48
    • Sherwin-Williams (SHW) 8am, $2.57
    • Amphenol (APH) 8am, $0.94
    • upervalu (SVU) 8am, $0.04
    • Cypress Semiconductor (CY) 8am, $0.07
    • Marriott Vacations Worldwide (VAC) 8am, $0.48
    • Genuine Parts Co (GPC) 8:49am, $1.21
    • Nucor (NUE) 9am, $0.30 - Preview
    • Safeway (SWY) 9am, $0.51
    • Google (GOOG) 4pm, $10.80 - Preview
    • Stryker (SYK) 4pm, $1.03 - Preview
    • Cubist Pharmaceuticals (CBST) 4pm, $0.37
    • Align Technology (ALGN) 4pm, $0.28
    • Microsoft (MSFT) 4:01pm, $0.75
    • Chipotle Mexican Grill (CMG) 4:01pm, $2.81
    • Athenahealth (ATHN) 4:01pm, $0.22
    • People’s United Financial (PBCT) 4:02pm, $0.19
    • Capital One Financial (COF) 4:05pm, $1.73
    • Intuitive Surgical (ISRG) 4:05pm, $4.24
    • Associated Banc-Corp (ASBC) 4:05pm, $0.26
    • Rambus (RMBS) 4:05pm, $0.04
    • Advanced Micro Devices (AMD) 4:15pm, $(0.12)
    • Skyworks Solutions (SWKS) 4:30pm, $0.53
    • Celanese (CE) 5:15pm, $1.16

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near One-Week High as U.S. Crude Stockpiles Decline
  • Wells Fargo Overtakes JPMorgan as Financing Expands: Commodities
  • Gold Swings Between Gains and Drops Following Bernanke Comments
  • Currency to Oil Rates Targeted for Tougher Rules After Libor
  • Copper Swings in London Trading Following Testimony by Bernanke
  • Jewelers in India to Seek Idle Household Gold to Cut Imports
  • Sugar Climbs to One-Week High on Brazil Real, Rain; Cocoa Rises
  • Siberian Grain Seeds Seen at Weight Risk Following Sowing Delay
  • Dated Brent Oil Price Ascends to 16-Week High: BI Chart
  • Temasek Racing Exxon to Build Biggest LNG Stash: Southeast Asia
  • Rebar Advances for Seventh Day Amid Rally in Iron Ore Prices
  • France’s Rouen Port Grain Exports Fall 79% as U.K. Is Sole Buyer
  • Carbon Supply Crunch Set to Extend Longest Rally: Energy Markets
  • Tanaka’s Quarterly Gold Sales Exceed Buying for 1st Time in Year

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team