TODAY’S S&P 500 SET-UP – August 12, 2013
As we look at today's setup for the S&P 500, the range is 35 points or 0.73% downside to 1679 and 1.33% upside to 1714.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.26 from 2.28
- VIX closed at 13.41 1 day percent change of 5.34%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- 2pm: Monthly Budget Stmt, July, est. -$90b (prior -$69.6b)
- 4pm: USDA issues supply/demand forecast for grain, oilseed
- U.S. Weekly Rates Agenda
GOVERNMENT:
- Sec. of State John Kerry travels to LatAm
- Defense Sec. Chuck Hagel travels in Southeast Asia
- Washington Weekly Agenda
WHAT TO WATCH:
- Rockwell Collins to buy Arinc from Carlyle for $1.39b
- U.S. may announce charges this wk against former JPM traders
- Dell investor Icahn seeks fast-track status for Delaware suit
- Medtronic buys Cardiocom for $200m cash, WSJ Says
- J.C. Penney board considers options against Ackman: WSJ
- Apple to unveil next iPhone at Sept. 10 event, AllThingsD says
- Japan’s economy slowed more than forecast in 2Q
- Newcrest Mining has $5.7b full-yr loss after writedown
- NBC to announce buy of Stringwire on Monday, NYTimes says
- GM cutting presence in S. Korea amid labor costs: Reuters
- Samsung losses to Apple give iPhone maker negotiation edge
- Misra starts derivatives exchange as rival to Nasdaq, CME
- Sony’s "Elysium" has sales of $30.5m, shy of forecasts
- CFTC subpoenas metals warehousing firm, Reuters says
- Singapore cuts export forecast as China damps recovery
- Finra inquiring on role of analysts in IPO pitch meetings: NYT
- Forstmann says it’s considering sale of IMG talent agency
- Nova Capital buys Newell units for $214m, Sunday Times Reports
- 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
- U.S. Retail Sales, SAC, Cisco: Wk Ahead Aug. 10-17
EARNINGS (all times ET, times are approximate):
- Iamgold (IMG CN) 5:05pm, $0.09
- InterOil (IOC) 4:30pm, $0.03
- Legacy Oil + Gas (LEG CN) Aft-mkt, $0.08
- Northern Tier Energy (NTI) 4:47pm, $0.47
- NQ Mobile (NQ) 4:30pm, $0.20
- Sina (SINA) 4:30pm, $0.12
- Sysco (SYY) 8am, $0.54
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- China on Track to Overtake India as Gold Consumption Jumps 54%
- Hedge Funds Trim Gold Bets on Stimulus Speculation: Commodities
- Gold Climbs to Highest This Month on Dollar, Technical Level
- India Gold Premiums Seen Extending Climb to Record on Curbs
- Copper Swings Between Gains and Drops After Japanese Growth Data
- WTI Trades Near Four-Day High Amid Signs European Recession Over
- Soybeans Rise Ahead of USDA Report That May Cut Stocks Outlook
- Sugar Gains to 6-Week High as Brazil Favors Ethanol; Cocoa Falls
- Oil Traders Sell Seeing End to Fed’s Cheap Money: Energy Markets
- Platinum-Rhodium Ratio at Record High on Supply Risks: BI Chart
- Cosco Cargo Ship Sets Sail in First Transit of Northeast Passage
- German Utilities Hammered in Market Favoring Renewables: Energy
- Newcrest May Extend Cost Cuts After $5.7 Billion Full-Year Loss
- Olam Sees Potential for Indian Sugar Exports on Rupee to Surplus
- Platinum ETF Holdings Rise 45% Ytd on Supply Concerns: BI Chart
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team