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TODAY’S S&P 500 SET-UP – July 31, 2013


As we look at today's setup for the S&P 500, the range is 16 points or 0.18% downside to 1683 and 0.77% upside to 1699.                                  

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: 2.29 from 2.30
  • VIX closed at 13.39 1 day percent change of 0.00%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 26 (prior -1.20%)
  • 8:15am: ADP Employment Change, July, est. 180k (prior 188k)
  • 8:30am: Employment Cost Index, 2Q, est. 0.4% (prior 0.5%)
  • 8:30am: GDP Q/q, 2Q, est. 1% (prior 1.8%)
  • 8:30am: Personal consumption, 2Q, est. 1.6% (prior 2.6%)
  • 8:30am: U.S. Treasury quarterly refunding announcement
  • 9am: ISM Milwaukee, July, est. 52 (prior 51.55)
  • 9:45am: Chicago Purchasing Mgr, July, est. 54 (prior 51.6)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC rate decision
  • 3pm: Fed Aug. schedule for tentative outright Treasury buys

GOVERNMENT:

    • President Obama meets w/ House, Senate Democrats
    • Biggest U.S. equity exchange operators, trade group plan to ask SEC to delay final phase of market-wide program aimed at curbing sudden stock swings that takes effect Aug. 1
    • 9:30am: Senate Environment and Public Works Cmte hearing on toxic chemical threats
    • 10am: Senate Judiciary Cmte hearing on Foreign Intelligence Surveillance Act programs
    • 12:30pm: House Budget Cmte hearing on poverty
    • 2pm: Joint Economic Cmte hearing on tax laws, eco growth
    • 2:30pm: Senate Finance Cmte hearing on principles for energy tax changes
    • 2:30pm: Senate Commerce, Science and Transportation Cmte hearing on energy drinks, concerns about marketing to youth
    • Senate confirms 5 to U.S. Labor Board, averting shutdown

WHAT TO WATCH

  • Ebbing finl-mkt risk gives Fed option to delay tapering
  • Alexion said to enlist Goldman to advise amid Roche overture
  • Bill Ackman to unveil $2b investment, WSJ says
  • Cubist buys Trius, Optimer to expand stable of antibiotics
  • Intuit settles antitrust suit on pact to not hire from rivals
  • U.S. economy probably grew at slower pace in 2Q
  • HP says ex-SEC general counsel advising on Autonomy deal probe
  • Amgen boosts yr EPS view; Phase 2 AMG-747 study terminated
  • KKR said to consider bidding for Hutchison’s ParknShop
  • Las Vegas Sands loses bid to vacate $101.6m trial verdict
  • Honda maintains forecast after profit misses ests.
  • Schneider Electric to buy Invensys for GBP3.4b cash, shrs
  • Blackstone said to buy 7 Australian offices from GE Capital
  • UBS to pay $60m fine to settle SEC mortgage-bond probe: WSJ
  • BlackRock starts retirement indexes in push for retail assets
  • German retail sales drop in sign of slow recovery
  • Euro-area July consumer prices up 1.6% Y/y; est. 1.6%
  • Toyota said to prepare to raise output target above 10m
  • China leadership pledges steady growth w/ eco reforms
  • EADS to adopt Airbus name, reflecting dominance of unit

EARNINGS:

    • Humana (HUM) 6am, $2.47 - Preview
    • ADT (ADT) 6am, $0.43
    • Huntsman (HUN) 6am, $0.39
    • Athabasca Oil (ATH CN) 6am, C($0.04)
    • CGI Group (GIB/A CN) 6:30am, C$0.58
    • NiSource (NI) 6:30am, $0.23
    • Regency Centers (REG) 6:30am, $0.64
    • Energen (EGN) 6:30am, $0.61
    • SPX (SPW) 6:30am, $0.65
    • Ingredion (INGR) 6:35am, $1.17
    • Intact Financial (IFC CN) 6:55am, C$0.75
    • Comcast (CMCSA) 7am, $0.63 - Preview
    • American Tower (AMT) 7am, $0.90
    • Delphi Automotive (DLPH) 7am, $1.14
    • Wisconsin Energy (WEC) 7am, $0.47
    • RioCan REIT (REI-U CN) 7am, C$0.40
    • Garmin (GRMN) 7am, $0.65
    • Burger King Worldwide (BKW) 7am, $0.19
    • Booz Allen Hamilton (BAH) 7am, $0.40
    • Jones Group (JNY) 7am, ($0.12)
    • AllianceBernstein (AB) 7:02am, $0.38
    • Southern (SO) 7:30am, $0.68
    • Exelon (EXC) 7:30am, $0.54
    • Hess (HES) 7:30am, $1.40
    • Invesco (IVZ) 7:30am, $0.51
    • Hyatt Hotels (H) 7:30am, $0.30
    • Energizer (ENR) 7:30am, $1.31
    • Hospira (HSP) 7:30am, $0.51
    • Level 3 Communications (LVLT) 7:30am, ($0.09)
    • Heartland Payment Systems (HPY) 7:30am, $0.58
    • SodaStream International (SODA) 7:30am, $0.66
    • Sherritt International (S CN) 7:42am, C$0.12
    • Mastercard (MA) 8am, $6.29
    • Phillips 66 (PSX) 8am, $1.81
    • AGL Resources (GAS) 8am, $0.27
    • Hudson City Bancorp (HCBK) 8am, $0.10
    • Hercules Offshore (HERO) 8am, $0.05
    • PG&E (PCG) 8:03am, $0.73
    • AGCO (AGCO) 8:15am, $1.81 - Preview
    • Allergan (AGN) 9am, $1.20
    • Great-West Lifeco (GWO CN) 10:24am, C$0.54 - Preview
    • New Gold (NGD CN) Bef-mkt, $0.05 - Preview
    • Williams (WMB) 4pm, $0.14
    • Bruker (BRKR) 4pm, $0.14
    • WebMD Health (WBMD) 4pm, $0.06
    • CBS (CBS) 4:01pm, $0.72 - Preview
    • Williams Partners (WPZ) 4:01pm, $0.37
    • Pioneer Natural Resources (PXD) 4:01pm, $1.11
    • Amdocs (DOX) 4:01pm, $0.73
    • Open Text (OTC CN) 4:01pm, $1.41
    • CBL & Associates Properties (CBL) 4:01pm, $0.53
    • Trinity Industries (TRN) 4:01pm, $0.95
    • Bloomin’ Brands (BLMN) 4:01pm, $0.23
    • DreamWorks Animation SKG (DWA) 4:01pm, $0.20
    • Whole Foods Market (WFM) 4:02pm, $0.37 - Preview
    • ServiceNow (NOW) 4:02pm, ($0.05)
    • Shutterfly (SFLY) 4:02pm, ($0.16)
    • Thoratec (THOR) 4:02pm, $0.43
    • MetLife (MET) 4:03pm, $1.33
    • Yelp (YELP) 4:03pm, ($0.04)
    • Allstate (ALL) 4:05pm, $0.98
    • Lam Research (LRCX) 4:05pm, $0.71
    • Pharmacyclics (PCYC) 4:05pm, ($0.04)
    • QEP Resources (QEP) 4:05pm, $0.35
    • Seattle Genetics (SGEN) 4:05pm, ($0.21)
    • Questar (STR) 4:05pm, $0.22
    • Atmel (ATML) 4:05pm, $0.06
    • SunPower (SPWR) 4:05pm, $0.11 - Preview
    • Rovi (ROVI) 4:05pm, $0.46
    • PHH (PHH) 4:05pm, $0.37
    • Ruckus Wireless (RKUS) 4:05pm, $0.03
    • Ashford Hospitality Trust (AHT) 4:05pm, $0.60
    • Atwood Oceanics (ATW) 4:09pm, $1.34
    • Lincoln National (LNC) 4:10pm, $1.15
    • Western Gas Equity Partners (WGP) 4:10pm, $0.13
    • Western Gas Partners (WES) 4:13pm, $0.38
    • Microchip Technology (MCHP) 4:15pm, $0.54
    • Concur Technologies (CNQR) 4:15pm, $0.37
    • Trulia (TRLA) 4:17pm, $0.03
    • Yamana Gold (YRI CN) 4:23pm, $0.11 - Preview
    • Essex Property Trust (ESS) 4:27pm, $1.85
    • Marriott International (MAR) 4:30pm, $0.57
    • Charles River Laboratories (CRL) 4:30pm, $0.71
    • Eagle Rock Energy Partners (EROC) 4:30pm, $0.05
    • Murphy Oil (MUR) 4:31pm, $1.54
    • First Quantum Minerals (FM CN) 5pm, $0.21
    • Kinross Gold (K CN) 5pm, $0.06 - Preview
    • DDR (DDR) 5pm, $0.27
    • Ctrip.com International (CTRP) 5pm, $0.30
    • Axiall (AXLL) 5pm, $1.18
    • Vanguard Natural Resources (VNR) 5:15pm, $0.33
    • NXP Semiconductor (NXPI) 8pm, $0.66
    • Suncor Energy (SU CN) 10pm, C$0.63 - Preview
    • US Silica (SLCA) Aft-mkt, $0.40

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • ANZ Opens 50 Ton Gold Vault in Singapore as Asian Demand Climbs
  • Potash’s $20 Billion Market Transformed by Uralkali: Commodities
  • Wheat Climbs on Signs Lower Prices Fueled Demand From Importers
  • Commodity-Linked Structured Note Sales Slump to Nine-Year Low
  • Gold Extends Biggest Monthly Gain Since January 2012 Before Fed
  • WTI Set for Best Month Since August Before U.S. Oil Supply Data
  • Rebar Advances for Second Month as China Pledges Steady Growth
  • Palm Oil Climbs to One-Week High as Weak Ringgit Boosts Exports
  • Potash Group Surviving Demise of Russian Rival: Corporate Canada
  • Glencore Takes Lead in Metals Storage as Goldman, JPMorgan Cut
  • Oil Contango Hazard for Bulls Seen in WTI Prices: Energy Markets
  • Shell to Chevron Move Offshore as Nigerian Risks Mount: Energy
  • LME Zinc Stocks at 10-Month Low Amid Supply Deficit: BI Chart
  • Corn Seen Sliding Below $4.50 on Bear Flag: Technical Analysis

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