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TODAY’S S&P 500 SET-UP – July 29, 2013


As we look at today's setup for the S&P 500, the range is 24 points or 0.93% downside to 1676 and 0.49% upside to 1700.                                 

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1A

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.26 from 2.25
  • VIX closed at 12.72 1 day percent change of -1.93%

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Pending Home Sales M/m, June, est. -1.2% (prior 6.7%)
  • 10:30am: Dallas Fed Manuf, July, est. 6.8 (prior 6.5)
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 11:30am: U.S. to sell $30b 3M, $25b 6M bills
  • 4pm: USDA crop-condition ests.
  • U.S. Weekly Rates Agenda

GOVERNMENT:

    • NCUA deadline for comments on proposed rule permitting credit unions to engage in limited derivatives activities to mitigate interest rate risk
    • 3pm: Treasury issues quarterly borrowing estimates
    • Washington Weekly Agenda
    • Citigroup says Summers a consultant since at least 2012

WHAT TO WATCH

  • Publicis to merge w/ Omnicom to form world’s biggest ad co.
  • Perrigo to buy Elan for $8.6b to get Irish tax base
  • Michael Dell said to rule out raising offer w/ Silver Lake
  • Apple to probe claims of labor rights violations at Pegatron
  • Siemens to replace CEO as Loescher fails to mimic German peers
  • JPM commodities exit may sap liquidity until others step in
  • PPG to get $1.73b from sale of sunglass lens maker stake
  • Barclays slips, seen planning fundraising to lift capital
  • America Movil free to raise KPN stake above 30% as pact ends
  • Rockwood to sell clay-additives unit to Altana for $635m
  • Morgan Stanley allowed by judge to pursue Skowron fraud claim
  • Boeing urges more jet beacon checks after 787 faults found
  • Liberty Global raises stake in Ziggo to 28.5%
  • Amazon hiring 5,000 warehouse staff to meet high demand
  • China plans nationwide audit of government borrowings
  • China Molybdenum to pay $820m for Rio copper mine
  • Hugh Jackman’s “Wolverine” leads wknd ticket sales
  • 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
  • Unemployment probably fell: U.S. weekly economic preview
  • Jobs, Fed, Exxon Mobil, Zimbabwe: Wk Ahead July 29-Aug. 3

EARNINGS:

    • Loews (L) 6am, $0.73
    • Hertz (HTZ) 6am, $0.45
    • CNA Financial (CNA) 6am, $0.64
    • Simon Property (SPG) 7am, $2.07
    • Roper (ROP) 7am, $1.30
    • Lincoln Electric (LECO) 7:47am, $0.88
    • Tenneco (TEN) 8am, $1.09
    • Franklin Resources (BEN) 8:30am, $0.85
    • Wynn Resorts (WYNN) Bef-Mkt, $1.57 - Preview
    • Vertex Pharmaceuticals (VRTX) 4pm, $(0.20)
    • Norwegian Cruise Line (NCLH) 4pm, $0.27
    • Caesars Entertainment (CZR) 4pm, $(1.69)
    • Express Scripts (ESRX) 4:01pm, $1.10
    • General Growth Properties (GGP) 4:01pm, $0.25
    • XL (XL) 4:01pm, $0.61
    • American Capital Agency (AGNC) 4:01pm, $0.91
    • Allison Transmission (ALSN) 4:01pm, $0.33
    • National Instruments (NATI) 4:01pm, $0.23
    • Sonus Networks (SONS) 4:01pm, $0.00
    • Enbridge Energy Partners (EEP) 4:02pm, $0.21
    • Plum Creek Timber (PCL) 4:02pm, $0.23
    • CNO Financial (CNO) 4:02pm, $0.25
    • Anadarko Petroleum (APC) 4:05pm, $0.91
    • Alexandria Real Estate (ARE) 4:05pm, $1.06
    • Superior Energy (SPN) 4:05pm, $0.43
    • PMC-Sierra (PMCS) 4:05pm, $0.08
    • Hartford Financial (HIG) 4:15pm, $0.71
    • Northeast Utilities (NU) 4:15pm, $0.52
    • FMC (FMC) 4:15pm, $0.94
    • Herbalife (HLF) 4:15pm, $1.18
    • PartnerRe (PRE) 4:15pm, $0.80
    • Manitowoc (MTW) 4:27pm, $0.35
    • Eastman Chemical (EMN) 4:30pm, $1.63
    • Community Health Systems (CYH) 4:30pm, $0.67
    • American Financial (AFG) 5pm, $0.85
    • Masco (MAS) 5:11pm, $0.20

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Silver Vault Opens in Singapore as Ranks of Asia’s Wealthy Swell
  • Hedge Funds Raise Gold Bets as Goldman Sees Decline: Commodities
  • Gold Falls in London Before Federal Reserve Policy Makers Meet
  • WTI Declines a Second Day; Prince Alwaleed Sees Fading Demand
  • Corn Declines to 33-Month Low on Record U.S. Crop, Soybeans Drop
  • Copper Swings Between Gains and Drops as China Orders Debt Audit
  • Palm Oil Drops as Rising Output Seen Spurring Record Stockpiles
  • Thailand’s Rice Output to Gain With Sugar Cane, Rubber in ‘13-14
  • Crude Bets Jump to Record High as Storage Falls: Energy Markets
  • Coffee Exports From Indonesia Seen Slumping as Beans Rot in Rain
  • Rebar Falls to Three-Week Low After Output in China Advances
  • China Refined Copper Output Edges Up to All-Time High: BI Chart
  • Rio Delays $5.1 Billion Expansion Pending Mongolia Approval
  • Gold Premiums in India Double as Supplies Drop on Import Curbs

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