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TODAY’S S&P 500 SET-UP – August 1, 2013


As we look at today's setup for the S&P 500, the range is 17 points or 0.22% downside to 1682 and 0.79% upside to 1699.                              

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1A

THE HEDGEYE DAILY OUTLOOK - 2a

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.30 from 2.27
  • VIX closed at 13.45 1 day percent change of 0.45%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England rate decision; est. 0.5% (prior 0.5%)
  • 7:30am: Challenger Job Cuts Y/y, July (prior 4.8%)
  • 7:30am: RBC Consumer Outlook Index, Aug. (prior 50.7)
  • 7:45am: ECB announces interest rates; est. 0.5% (prior 0.5%)
  • 8:30am: ECB’s Draghi holds news conference
  • 8:30am: Init Jobless Claims, July 27, est. 345k (prior 343k)
  • 8:58am: Markit US PMI Final, July, est. 53.2
  • 9:45am: Bloomberg Consumer Comfort, July 28 (prior -27.3)
  • 10am: Construction Spend M/m, June, est. 0.4% (prior 0.5%)
  • 10am: ISM Manufacturing, July, est. 52 (prior 50.9)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 5pm: Total Vehicle Sales, July, est. 15.8m (prior 15.89m)

GOVERNMENT:

    • House Energy and Commerce Cmte hears from Medicare and Medicaid Services Administrator Marilyn Tavenner on Affordable Care Act implementation
    • 8:30am: Energy Dept’s Bioenergy Technologies Office, Advanced Biofuels USA hold conf on bioindustry role in American energy
    • 9am: SEC Commissioner Troy Paredes discusses finl regulation at Chamber of Commerce’s Center for Capital Markets Competitiveness event
    • 9:30am: Senate Energy and Natural Resources Cmte hearing on the political status of Puerto Rico
    • 10am: House Armed Services Cmte hearing on “Initial Conclusions Formed by the Defense Strategic Choices and Management Review”
    • 1:30pm: API briefing on oil, natgas industry jobs, economic analysis by PricewaterhouseCoopers

WHAT TO WATCH

  • U.S. trade agency issues ruling on Samsung import limit
  • Tenet, Health Management accused of paying kickbacks to clinic
  • Macy’s makes final bid to block Martha Stewart goods at rival
  • Walgreen investors sue CEO over $80m DEA painkiller fine
  • Lloyds prepares to resume dividends as Osborne weighs sale
  • Apple’s new iPad mini likely to have Samsung display, WSJ says
  • Citigroup ordered to pay $10.8m for soured RBS investment
  • Celltrion says reports of stake sale to AstraZeneca inaccurate
  • Tourre jurors end first day of deliberations without verdict
  • Dish customers blocked as Raycom Media accord expires
  • Congress votes to reverse rise in student-loan interest rates
  • China pledges to keep growth within “reasonable zone”
  • U.K. factory growth strengthens as recovery builds momentum
  • Australia to raise tobacco excise to narrow budget shortfall
  • July Auto Sales: July SAAR May Be 15.8m

EARNINGS

AM:

    • Alliant Techsystems (ATK) 7:01am, $1.92
    • AltaGas (ALA CN) 7:45am, C$0.21
    • Ameren (AEE) 7:48am, $0.46
    • Ansys (ANSS) 7:09am, $0.71
    • Apache (APA) 8am, $2.00 - Preview
    • Arena Pharmaceuticals (ARNA) 7am, $0.18
    • Automatic Data Processing (ADP) 7:30am, $0.57
    • Avon Products (AVP) 7:01am, $0.26
    • Barrick Gold (ABX CN) 6:31am, $0.56 - Preview
    • Becton Dickinson (BDX) 6am, $1.48
    • BGC Partners (BGCP) 8am, $0.13
    • Bombardier (BBD/B CN) 6am, $0.09
    • Cameco (CCO CN) 8:23am, C$0.18
    • Cardinal Health (CAH) 7am, $0.77
    • Catamaran (CCT CN) 6am, $0.44
    • CenterPoint Energy (CNP) 8:15am, $0.26
    • Chesapeake Energy (CHK) 7:01am, $0.41 - Preview
    • Cigna (CI) 6am, $1.60
    • Clorox (CLX) 8:30am, $1.34 - Preview
    • CME Group (CME) 7am, $0.90
    • Colonial Properties Trust (CLP) 7am, $0.33
    • ConocoPhillips (COP) 7am, $1.29 - Preview
    • Covidien (COV) 6am, $0.89
    • CVR Energy (CVI) 8am, $1.62
    • CVR Refining (CVRR) 8am, $1.66
    • Dentsply Intl (XRAY) 7am, $0.65
    • DirecTV (DTV) 7:30am, $1.34 - Preview
    • Dynegy (DYN) 7:30am, $(0.29)
    • Enbridge (ENB CN) 7am, C$0.39 - Preview
    • Enterprise Products (EPD) 6am, $0.69
    • Exxon Mobil (XOM) 8am, $1.89 - Preview
    • Fluor (FLR) 9am, $1.01
    • Fortis (FTS CN) 7am, C$0.32
    • Fortress Investment (FIG) 7am, $0.20
    • Genesee & Wyoming (GWR) 6am, $1.11
    • Gildan Activewear (GIL CN) 6:31am, $0.94
    • Halcon Resources (HK) 7:30am, $0.06
    • HCA Holdings (HCA) 7:03am, $0.91
    • IGM Financial (IGM CN) 10:30am, C$0.76
    • Imperial Oil (IMO CN) 7:55am, C$0.98
    • Incyte (INCY) 7am, $0.01
    • Iron Mountain (IRM) 6am, $0.31
    • ITT (ITT) 7am, $0.45
    • Kellogg (K) 8am, $0.98 - Preview
    • LKQ (LKQ) 7:30am, $0.25
    • Magellan Midstream (MMP) 8am, $0.54
    • Marathon Petroleum (MPC) 7:03am, $1.90
    • MSCI (MSCI) 7:30am, $0.53
    • Mylan (MYL) 7am, $0.67
    • New York Times (NYT) 8:30am, $0.13
    • NII Holdings (NIHD) 6:30am, $(1.16)
    • Nu Skin Enterprises (NUS) 7:30am, $1.20
    • Ocwen Financial (OCN) 7:30am, $1.02
    • PBF Energy (PBF) 8am, $0.79
    • PPL (PPL) 7am, $0.47
    • Procter & Gamble (PG) 6:58am, $0.77 - Preview
    • Quanta Services (PWR) 6:07am, $0.37
    • Quintiles Transnational (Q) Bef-mkt, $0.44 - Preview
    • Sally Beauty Holdings (SBH) 7:30am, $0.43
    • Scana (SCG) 7:30am, $0.54
    • Targa Resources (NGLS) 7am, $0.14
    • Teco Energy (TE) 7am, $0.27
    • Teradata (TDC) 6:45am, $0.71
    • Time Warner Cable (TWC) 6am, $1.65 - Preview
    • TMX Group (X CN) 6am, C$0.83
    • Vulcan Materials (VMC) 8am, $0.16
    • Western Refining (WNR) 6am, $1.20
    • WPX Energy (WPX) 7am, $(0.19)
    • Xcel Energy (XEL) 7am, $0.39

PM :

    • Activision Blizzard (ATVI) 4:05pm, $0.08
    • American International Group (AIG) 4pm, $0.86
    • Apartment Investment & Mgmt (AIV) 4:05pm, $0.48
    • Bill Barrett (BBG) 4:15pm, $(0.01)
    • Consolidated Edison (ED) 6:43pm, $0.57
    • DCT Industrial Trust (DCT) 4:10pm, $0.11
    • Edison International (EIX) 4pm, $0.66
    • Extra Space Storage (EXR) 4:05pm, $0.49
    • Fairfax Financial Holdings (FFH CN) 5:01pm, $(12.40)
    • Federal Realty Investment Trust (FRT) 4:30pm, $1.12
    • FleetCor Technologies (FLT) 4:01pm, $0.95
    • Home Properties (HME) 4:30pm, $1.09
    • Kodiak Oil & Gas (KOG) 4:01pm, $0.13
    • Kraft Foods (KRFT) 4pm, $0.67 - Preview
    • Leap Wireless (LEAP) 4:05pm, $(1.02)
    • LeapFrog Enterprises (LF) 4:01pm, $(0.08)
    • LinkedIn (LNKD) 4:05pm, $0.31 - Preview
    • MercadoLibre (MELI) 4:01pm, $0.63
    • Mohawk Industries (MHK) 4:01pm, $1.66
    • MRC Global (MRC) 4:15pm, $0.38
    • ON Semiconductor (ONNN) 4:03pm, $0.13
    • OpenTable (OPEN) 4:31pm, $0.47
    • Osisko Mining (OSK CN) 4:05pm, C$0.05
    • PerkinElmer (PKI) 4:05pm, $0.48
    • Piedmont Office Realty Trust (PDM) 5:02pm, $0.34
    • Public Storage (PSA) 5:14pm, $1.77
    • ResMed (RMD) 4:05pm, $0.62
    • SBA Communications (SBAC) 4:01pm, $(0.10)
    • Southwestern Energy (SWN) 5:15pm, $0.52 - Preview
    • Synaptics (SYNA) 4:15pm, $1.30
    • Tesoro (TSO) 4:31pm, $1.43 - Preview
    • ValueClick (VCLK) 4:05pm, $0.39
    • Walter Energy (WLT) 4:01pm, $(0.75)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Japan Purchases First Oregon Wheat Since Discovery of GMO Crop
  • p Commodities Market, Industry News »             
  • Burger Costs Rising With Beef Supply at 21-Year Low: Commodities
  • Pan Pacific Sees Copper Surplus at 5-Year High on Slowing China
  • Wheat Rises a Fifth Day on Speculation Chinese Demand to Gain
  • WTI Rises to One-Week High on Fed Stimulus, China Manufacturing
  • China Makes First Investment in South African Wine Industry
  • Gold Swings Expand as Jobs Help Gauge Stimulus: Chart of the Day
  • Palm Climbs to One-Week High as Malaysian Exports Signal Demand
  • Coffee Exports From Indonesia’s Sumatra Surge to Four-Year High
  • Barrick Takes $8.7 Billion Writedown, Cuts Dividend on Gold Drop
  • Rebar Extends Monthly Gain as China Manufacturing Strengthens
  • No Rebound for Uranium Seen as Japan Plants Idle: Energy Markets
  • Chile Copper Output Up for Second Month as Strikes Ebb: BI Chart
  • COMMODITIES DAYBOOK: U.S. Beef Production Plunges to 21-Year Low
  • ANZ Opens 50 Ton Gold Vault in Singapore as Asian Demand Climbs

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