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*The Hedgeye Daily Outlook will not be published again until Monday, July 29th.

TODAY’S S&P 500 SET-UP – July 23, 2013


As we look at today's setup for the S&P 500, the range is 24 points or 0.86% downside to 1681 and 0.56% upside to 1705.    

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: 2.21 from 2.18
  • VIX closed at 12.29 1 day percent change of -1.99%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC retail sales
  • 8:55am: Redbook weekly retail sales
  • 9am: FHFA House Price Index, May, est. 0.8% (prior 0.7%)
  • 10am: Richmond Fed Manuf Index, July, est. 9 (prior 8)
  • 11am: Fed to purchase $3-$3.75b notes in 2019-2020 sector
  • 11:30am: U.S. to sell 4W bills, $25b 52W bills
  • 1pm: U.S. to sell $35b 2Y notes
  • 4:30pm: API crude, oil product inventories

GOVERNMENT:

    • House, Senate in session
    • Senate Banking subcmte holds hearing, “Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?” 10am
    • House Agriculture panel hears from CFTC members Scott O’Malia and Mark Wetjen on the future of the commission, 10am
    • House Financial Services Cmte votes on Chairman Jeb Hensarling’s bill that would wind down Fannie and Freddie, marking for concrete congressional action on legislative proposals to revamp U.S. housing finance system, 10:15am
    • Senate Health, Education and Labor Cmte hears from National Labor Relations Board nominees Kent Hirozawa and Nancy Schiffer at confirmation hearing, 10am
    • House Judiciary panel holds hearing on legal status of undocumented immigrants brought to U.S. as children, 2pm
    • House Education and Workforce panel hears from OMB official Howard Shelanski on delaying the health-care law’s employer mandate, 10am
    • McAfee CTO Phyllis Schneck joins panel of witnesses for House Foreign Affairs Subcmte on Asia and the Pacific hearing on cybersecurity, 2pm

WHAT TO WATCH

  • Biggest Banks Face Fed Restoring Barriers in Commods Review
  • Netflix 2Q EPS beats, domestic streaming subs miss
  • Pentagon’s spectrum compromise benefits wireless carriers: WSJ
  • Verizon raising speed of its internet to 500 megabits/second
  • Nokia said to prepare rollout of new Lumia-based smarthone
  • Oracle raising China investment, Shanghai Daily says, cites CEO
  • Aereo seeking to reach 25% of U.S. population, CEO says
  • Ebay projects cross-border shipping at $307b in 2018
  • SouthWest jet has nose gear failure at LaGuardia airport
  • Obama said to consider Raskin for dep. Treasury Secretary
  • Chinese Premier said to have placed 7% growth as 2013 minimum

EARNINGS:

    • DuPont (DD) 6am, $1.27
    • Air Products & Chemicals (APD) 6am, $1.36
    • CIT Group (CIT) 6am, $0.91
    • Polaris Industries (PII) 6am, $1.10
    • Sensata Technologies Holding (ST) 6am, $0.53
    • Carlisle Cos (CSL) 6am, $1.34
    • Centene (CNC) 6am, $0.65
    • RadioShack (RSH) 6am, ($0.24)
    • Travelers (TRV) 6:57am, $1.59
    • Altria Group (MO) 6:58am, $0.63 - Preview
    • United Technologies (UTX) 6:59am, $1.58 - Preview
    • Lexmark International (LXK) 6:59am, $0.87
    • Regions Financial (RF) 7am, $0.21
    • Pentair (PNR) 7am, $0.90
    • Forest Laboratories (FRX) 7am, $0.08
    • Waters (WAT) 7am, $1.21
    • Idexx Laboratories (IDXX) 7am, $0.97
    • Penn National Gaming (PENN) 7am, $0.63
    • Wendy’s (WEN) 7am, $0.06
    • MGIC Investment (MTG) 7am, ($0.13)
    • Ironwood Pharmaceuticals (IRWD) 7:07am, ($0.68)
    • Lockheed Martin (LMT) 7:25am, $2.20 - Preview
    • TDAmeritrade Holding (AMTD) 7:30am, $0.31
    • Domino’s Pizza (DPZ) 7:30am, $0.56
    • FirstMerit (FMER) 7:30am, $0.31
    • Exact Sciences (EXAS) 7:30am, ($0.18)
    • Avery Dennison (AVY) 7:35am, $0.70
    • Valero Energy (VLO) 7:43am, $0.96
    • United Parcel Service (UPS) 7:45am, $1.13 - Preview
    • Ryder System (R) 7:55am, $1.23
    • Illinois Tool Works (ITW) 8am, $1.10
    • Freeport-McMoRan Copper & Gold (FCX) 8am, $0.45 - Preview
    • PACCAR (PCAR) 8am, $0.75
    • Sigma-Aldrich (SIAL) 8am, $1.04
    • Peabody Energy (BTU) 8am, ($0.05) - Preview
    • TCF Financial (TCB) 8am, $0.21
    • Discover Financial Services (DFS) 8:30am, $1.15
    • FMC Technologies (FTI) 4pm, $0.47
    • Panera Bread (PNRA) 4pm, $1.77
    • Robert Half International (RHI) 4pm, $0.43
    • RF Micro Devices (RFMD) 4pm, $0.07
    • AT&T (T) 4:01pm, $0.68 - Preview
    • ACE (ACE) 4:01pm, $1.94
    • VMware (VMW) 4:01pm, $0.77
    • Electronic Arts (EA) 4:01pm, ($0.60)
    • Total System Services (TSS) 4:01pm, $0.33
    • Nabors Industries (NBR) 4:01pm, $0.09
    • American Campus Communities (ACC) 4:02pm, $0.56
    • Waste Connections (WCN) 4:04pm, $0.43
    • Norfolk Southern (NSC) 4:05pm, $1.49
    • Broadcom (BRCM) 4:05pm, $0.69
    • Juniper Networks (JNPR) 4:05pm, $0.25 - Preview
    • Illumina (ILMN) 4:05pm, $0.39
    • CR Bard (BCR) 4:05pm, $1.38
    • Everest Re Group (RE) 4:05pm, $4.25
    • Compuware (CPWR) 4:05pm, $0.04
    • Polycom (PLCM) 4:05pm, $0.14
    • Altera (ALTR) 4:15pm, $0.31
    • International Game Technology (IGT) 4:15pm, $0.31
    • KKR Financial Holdings (KFN) 4:15pm, $0.37
    • Apple (AAPL) 4:30pm, $7.30 - Preview
    • Unisys (UIS) 4:30pm, $0.90
    • Rock Tenn (RKT) 5pm, $1.66       

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Biggest Banks Face Fed Restoring Barriers in Commodities Review
  • Sugar Glut Easing as Bear Market Spurs Supply Cuts: Commodities
  • Goldman Pares Its 12-Month Commodity Outlook After Crude’s Rally
  • WTI Drops a Second Day; Goldman Predicts Wider Discount to Brent
  • Gold Imports by India May Slump as Purchases Linked to Exports
  • Copper Falls as Some Investors Sell on Demand-Outlook Concern
  • Corn Falls to Two-Week Low as Cooler Weather Boosts U.S. Outlook
  • Arabica Coffee Gains Before Brazil Cold Weather; Cocoa Advances
  • MillerCoors Sees Metal-Warehouse Delay Costing Buyers $3 Billion
  • Crude Supplies Drop to Six-Month Low in Survey: Energy Markets
  • Rebar Advances Amid Steel Price Increase, China Speculation
  • Japanese LNG Profit Premium Over U.K. Falls to Eight-Month Low
  • Gold’s 50-Day Moving Average Signals Advance: Technical Analysis
  • Gold Falls From One-Month High After Rally Spurs Investor Sales

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