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TODAY’S S&P 500 SET-UP – July 22, 2013


As we look at today's setup for the S&P 500, the range is 27 points or 1.01% downside to 1675 and 0.59% upside to 1702.                        

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: 2.18 from 2.19
  • VIX closed at 12.54 1 day percent change of -8.93%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Nat Activity Index, June (prior -0.3%)
  • 10am: Existing Home Sales, June., est. 5.25m (prior 5.18m)
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • SEC deadline for comments on the rulemakings and policy statements related to security-based swaps
    • Federal Housing Finance Agency deadline for comments on the proposed rulemaking to remove references to credit ratings in certain regulations governing the federal home loan banks
    • House, Senate in session
    • Washington Weekly Agenda

WHAT TO WATCH         

  • Apple said to buy navigation app maker HopStop
    • Patent envisions projector inside iOS devices, Cnet says
    • Co., suppliers testing larger screens for devices, WSJ says
  • Dell, Silver Lake said to disagree on breakup fee
  • Facebook plans release of feature phone functions, NYT says
  • Boeing 787 operators told to inspect radio beacons
  • Study of fire on Ethiopian 787 involves beacons, Reuters says
  • RadioShack selects Solomon Co. to raise new financing: WSJ
  • Carl Icahn raises Navistar stake to 16.55%
  • Big bank commodity trading in jeopardy amid Fed review
  • Goldman “warehouse dance” exploits pricing regs: NYT
  • TSA to expand options for expediting airport security
  • JPMorgan, FERC said close to $410m settlement: WSJ
  • Microsoft said pressured to grant board seat to ValueAct
  • G-20 “fully” endorses OECD action plan on tax evasion
  • Japanese shrs gain after Abe’s ruling coalition wins elections
  • “The Conjuring” leads theater ticket sales at $41.5m
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • North American M&A Agenda
  • Canada Weekly Agendas: Energy, Mining
  • Apple, U.S. Home Sales, Facebook, Ford: Wk Ahead July 22-27

EARNINGS:

    • Hasbro (HAS) 6:30am, $0.34 - Preview
    • Halliburton (HAL) 6:57am, $0.72 - Preview
    • Bank of Hawaii (BOH) 7am, $0.83
    • Kimberly-Clark (KMB) 7:15am, $1.39
    • RPM International (RPM) 7:30am, $0.67
    • McDonald’s (MCD) 7:58am, $1.40 - Preview
    • Lennox International (LII) 8am, $1.19
    • Six Flags Entertainment (SIX) 8am, $0.74
    • Gannett (GCI) 8:15am, $0.58
    • Northwest Bancshares (NWBI) 8:45am, $0.18
    • NVR (NVR) 8:50am, $11.96
    • BancorpSouth (BXS) 4pm, $0.23
    • United Stationers (USTR) 4pm, $0.76
    • WR Berkley (WRB) 4:01pm, $0.68
    • Canadian National Railway (CNR CN) 4:01pm, C$1.61 - Preview
    • Netflix (NFLX) 4:05pm, $0.40 - Preview
    • Hexcel (HXL) 4:05pm, $0.47
    • Sanmina (SANM) 4:05pm, $0.35
    • Zions Bancorporation (ZION) 4:10pm, $0.41
    • Rent-A-Center (RCII) 4:18pm, $0.75
    • Texas Instruments (TXN) 4:30pm, $0.41
    • IDEX (IEX) 4:52pm, $0.74
    • Brookfield Canada Office Properties (BOX-U CN) 5pm, C$0.41
    • Crane (CR) 5:44pm, $1.04
    • Helix Energy Solutions (HLX) 6pm, $0.20
    • Gulfmark Offshore (GLF) 6pm, $0.33
    • BBCN Bancorp (BBCN) 7:25pm, $0.27

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Big-Bank Commodity Trading in Jeopardy as Fed Reviews Policies
  • Gold Bulls Bet Right as Prices Rally Most Since ’11: Commodities
  • WTI Crude Gains a Fourth Day as Hedge Funds Boost Bullish Bets
  • Gold Rises Above $1,300 to 1-Month High on Stimulus Outlook, Oil
  • Copper Advances for a Third Day Before U.S. House-Sales Reports
  • Corn Declines as U.S. Rains Boost Outlook for Record Production
  • Coffee Gains Before Possible Frost; Raw Sugar Extends Advance
  • CFTC’s Chilton Says ‘Thoughtful Review’ of Warehousing Needed
  • Cocoa Processing Rises in Indonesia as Cargill, Callebaut Expand
  • Sifca to Invest $417 Million in Africa Palm-Oil Expansion
  • Rebar Drops as Weather Slows Construction Demand, Iron Ore Falls
  • U.S. Natural Gas Declines Second Day on Cooler Weather Outlook
  • Coking Coal May Find Support With Prices Below $150: Bull Case
  • Rubber Advances to Six-Week High as Oil’s Rally Increases Appeal

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