THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 19, 2013


As we look at today's setup for the S&P 500, the range is 31 points or 1.15% downside to 1670 and 0.69% upside to 1701.    

                                                                                                                           

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.23 from 2.23
  • VIX closed at 13.77 1 day percent change of -0.07%

MACRO DATA POINTS (Bloomberg Estimates):

  • G-20 finance ministers and central bankers meet in Moscow
  • See GMEET for more on G-20 finance ministers’ talks
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • House in session, Senate schedule TBA
    • 9am: Sen. Mark Udall, D-Colo., Agriculture Sec. Tom Vilsack, Interior Sec. Sally Jewell host event to announce federal, local, private partnership to reduce risks of wildfire to Colorado’s water supply
    • 10:30am: FCC open meeting to consider status of competition in video programming industry, possible rule to update program supporting high speed broadband in schools, standards for communications for disabled people

WHAT TO WATCH         

  • Google shrs decline as shift to mobile curbs 2Q avg. ad prices
  • Microsoft 4Q profit misses by biggest margin in at least decade
  • Vivus settles proxy fight giving First Manhattan board control
  • Charter said to work with Goldman on Time Warner Cable bid
  • Detroit filed the biggest U.S. municipal bankruptcy
  • Merck to pay $23m to settle Vioxx drug-purchase lawsuits
  • SoftBank $8.5b Universal bid said rejected by Vivendi
  • Electrolux raises U.S. forecast amid improving housing market
  • Whirlpool to release results at 6am
  • Allianz joins AIG on FSB’s list of too-big-to-fail insurers
  • Toyota sudden-acceleration settlement set for final approval
  • OECD proposes plan for crackdown on companies’ tax avoidance
  • Silverstein denied right to seek $3.5b from airlines
  • Apple, U.S. Home Sales, Facebook, Ford: Week Ahead July 20-27

EARNINGS:

    • Baker Hughes (BHI) 6am, $0.65 - Preview
    • Schlumberger (SLB) 6am, $1.10 - Preview
    • SunTrust Banks (STI) 6am, $0.67
    • Whirlpool (WHR) 6am, $2.42
    • Autoliv (ALV) 6am, $1.38
    • General Electric (GE) 6:30am, $0.35 - Preview
    • Honeywell (HON) 6:30am, $1.21 - Preview
    • Laboratory of America Holdings (LH) 6:45am, $1.80
    • First Horizon National (FHN) 6:55am, $0.19
    • Interpublic Group (IPG) 7am, $0.22
    • VFC (VFC) 7am, $1.17
    • State Street (STT) 7:13am, $1.18
    • First Niagara Financial Group (FNFG) 7:15am, $0.18
    • Rockwell Collins (COL) 7:25am, $1.15
    • Manpowergroup (MAN) 7:30am, $0.89
    • Kansas City Southern (KSU) 8am, $0.95 - Preview
    • Ingersoll-Rand (IR) 8am, $1.08

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China Seen Ramping Up Global Wheat Imports After Rain Hurts Crop
  • Gold Bulls Dominate for Longest Run in Bear Market: Commodities
  • Thailand Faces Loss on Rice Sales to Drain Record Stockpiles
  • Commodities Reach 3-Month High in Best Weekly Run Since February
  • WTI Oil Trades Near Highest in 16 Months to Narrow Brent Spread
  • Gold Extends Gain in London, Rises 0.7% to $1,293.35 an Ounce
  • Copper Erases Decline, Trades at $6,910.25 a Metric Ton on LME
  • Corn Falls for a Third Day as Rain Set to Ease U.S. Crop Stress
  • Arabica Coffee Rebounds Before Possible Frost as Cocoa Advances
  • Rebar Rises for Eighth Day as Iron Ore Rallies, Inventory Drops
  • Hedge Fund Exit May Signal Commodity Rally End: Chart of the Day
  • Global Oil Prices Vulnerable to Geopolitical Unrest: Bull Case
  • Asia’s Bitter Harvest: The Hidden Human Toll of Palm Oil’s Boom
  • Commodities Daybook: WTI Crude Sheds ‘Broken’ Benchmark Status
  • China’s First Gold Exchange-Traded Funds Miss Targets

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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

 

 

 

 

 

 

 

 

 

 

 


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PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

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UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

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Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

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Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

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An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

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