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TODAY’S S&P 500 SET-UP – August 2, 2013


As we look at today's setup for the S&P 500, the range is 22 points or 0.99% downside to 1690 and 0.30% upside to 1712.                                 

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: 2.40 from 2.38
  • VIX closed at 13.45 1 day percent change of 0.45%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, July, est 185k (pr 195k)
  • 8:30am: Personal Income, June, est. 0.4% (prior 0.5%)
  • 9:45am: ISM New York, July (prior 47)
  • 10am: Factory Orders, June, est. 2.3% (prior 2.1%)
  • 12:15pm: Fed’s Bullard speaks on economy in Boston
  • 1pm: Baker Hughes rig count

GOVERNMENT:                                                       

  • Obama nominates Hersman for another term as NTSB chairman; GFI Group’s Giancarlo as CFTC commissioner; O’Rielly named to FCC Republican seat
  • Natl Governors Assn holds annual mtg in Milwaukee

WHAT TO WATCH:

    • Dell holders to vote on Silver Lake, Michael Dell LBO
    • Icahn in suit accuses Dell board of trying to force buyout
    • Swaps probe finds banks manipulated rate, hurting retirees
    • Apple seeks Obama reprieve on iPhone import ban from ITC
    • Apple decision in case vs Samsung delayed until Aug. 9
    • Dodd-Frank stands; suit by states, Texas bank thrown out
    • Payrolls probably grew in July, helping trim jobless rate
    • Hewlett-Packard ends LCD pricing suit vs Chunghwa, Tatung
    • BofA faces claims from regulators on jumbo mortgages, CDOs
    • Tourre’s “junior employee” defense seen leading to loss
    • Halliburton, SLB sued on fracking price-fixing claims
    • ICU Medical said to be in exclusive talks on sale to GTCR
    • Canceling Lockheed F-35 said to be option in Pentagon review
    • RBS appoints Ross McEwan as CEO as lender swings to profit
    • Potash split has India’s biggest buyer seeking lower price
    • Japan exchange in talks with Tocom on trading system
    • U.S. Services, BOJ, Carney, HSBC, Rohani: Wk Ahead Aug. 3-10

EARNINGS (AM):

  • Alliant Energy (LNT) 6am, $0.56
  • Alpha Natural Resources (ANR) 7am, $(0.58)
  • American Axle & Manufacturing (AXL) 8am, $0.30
  • Bell Aliant (BA CN) 6am, C$0.41
  • Berkshire Hathaway (BRK/A) 5pm, $2,166.00
  • Brinker International (EAT) 7:45am, $0.74
  • Buckeye Partners (BPL) 7am, $0.79
  • Cablevision Systems (CVC) 8:30am, $0.05
  • CBOE Holdings (CBOE) 7:30am, $0.51
  • Chevron (CVX) 8:30am, $2.96 - Preview
  • Church & Dwight (CHD) 7am, $0.59
  • Eaton (ETN) 6:28am, $1.11
  • Eldorado Gold (ELD CN) 7am, $0.08
  • Exelis (XLS) 7am, $0.37
  • Gartner (IT) 7am, $0.52
  • Host Hotels & Resorts (HST) 6am, $0.42
  • ImmunoGen (IMGN) 6:30am, $(0.30)
  • Manitoba Telecom Services (MBT CN) 4:03pm, C$0.48
  • Och-Ziff Capital (OZM) 7:30am, $0.13
  • Pinnacle West Capital (PNW) 8am, $1.15
  • PNM Resources (PNM) 8:30am, $0.33
  • Power of Canada (POW CN) 12:05pm, C$0.60
  • Sealed Air (SEE) 6am, $0.25
  • Sirona Dental Systems (SIRO) 6:30am, $0.91
  • SNC-Lavalin Group (SNC CN) 8:27am, C$0.53
  • Telephone & Data Systems (TDS) 7:32am, $0.09
  • Ultra Petroleum (UPL) 8am, $0.43
  • United States Cellular (USM) 7:32am, $0.17
  • Viacom (VIAB) 6:55am, $1.30 - Preview
  • Washington Post (WPO) 8:30am, No est.

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Baguette Hopes Fade for Some French Farmers on Low-Protein Wheat
  • p Commodities Market, Industry News »             
  • Gold Bears Dominant Again as U.S. Growth Quickens: Commodities
  • WTI Heads for Weekly Advance Before Jobs Data; Brent Tops $110
  • Gold Extends Biggest Weekly Drop Since June on Better U.S. Data
  • Copper Rises on Buying of Metal to Close Out Bets on a Decline
  • Wheat Advances Amid Crop-Quality Concerns From France to U.S.
  • Potash Split Prompts India’s Biggest Buyer to Seek Price Cut
  • Coffee Climbs After Brazil Plans Aid for Farmers; Cocoa Falls
  • Record High-Quality Wheat Prices in China May Spur Imports
  • Iron Ore Rally May Firm on Chinese Demand; More Supply Ahead
  • Olam Defies Russian Grain-Export Slump as Traders Retreat
  • Crude Premium Rises to 2013 High in Asia on Iraq: Energy Markets
  • Obama Nominates GFI Group’s Giancarlo as CFTC Commissioner
  • COMMODITIES DAYBOOK: Gold Bears Regain Dominance on U.S. Growth
  • Wheat Costs in Japan Climbing for Third Time as Abenomics Bites

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