Hedgeye - THE HEDGEYE DAILY OUTLOOK

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

EQUITY SENTIMENT:

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

CURRENCIES

GLOBAL PERFORMANCE

EUROPEAN MARKETS

ASIAN MARKETS

MIDDLE EAST

The Hedgeye Macro Team