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