THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 13, 2013


As we look at today's setup for the S&P 500, the range is 34 points or 0.56% downside to 1680 and 1.45% upside to 1714.                                   

                                                                                            

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: 2.35 from 2.32
  • VIX closed at 12.81 1 day percent change of -4.47%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus. Optim, July, est. 94.5 (prior 93.5)
  • 7:45am: ICSC retail sales
  • 8:30am: Import Price Index, July, est. 0.8% (prior -0.2%)
  • 8:30am: Retail Sales Advance M/m, July, est. 0.3% (pr 0.4%)
  • 8:30am: Retail Sales Ex-Auto M/m, July, est. 0.4% (pr 0.0%)
  • 8:55am: Redbook weekly retail sales
  • 10am: Business Inventories, June, est. 0.2% (prior 0.1%)
  • 11am: Fed to purchase $1b-$1.5b TIPS in 2018-2043 sector
  • 11:30am: U.S. to sell 4W bills, 21-day cash mgmt bills
  • 12:45pm: Fed’s Lockhart speaks on economy in Atlanta
  • 4:30pm: API crude, oil product inventories

GOVERNMENT:

    • U.S. Senate primary elections in N.J.; Newark Mayor Cory Booker is considered leading candidate
    • American Institute of Certified Public Accountants holds National Governmental Accounting and Auditing Update, w/ remarks from GAO Director Jim Dalkin, 9:05am

WHAT TO WATCH:

  • Apple said to ready thinner iPad model for release this yr
  • Soros said to support J.C. Penney CEO in Ackman feud
  • Goldman subpoenaed by CFTC on waits at aluminum warehouses
  • Facebook to buy Mobile Tech for speech recognition
  • London Whale resurfaces to help U.S. with JPMorgan trading probe
  • Blackstone said to purchase GE U.S. apartments for $2.7b
  • U.S. watchdog to propose greater disclosure in auditor reports
  • Sina 3Q rev. view, 2Q adj. EPS, 2Q non-GAAP rev. beat ests.
  • German Aug. ZEW current situation, expectations beat ests.
  • U.K. inflation slows from 14-mo. high on airfares, clothes
  • Li & Fung profit misses ests. on weaker U.S. retail demand
  • Amazon, Microsoft may be interested in buying Blackberry: NYPost

EARNINGS:

    • Argonaut Gold (AR CN) 7:30am, $0.08
    • Brocade Communications Systems (BRCD) 4:04pm, $0.12
    • Cree (CREE) 4pm, $0.38
    • CST Brands (CST) Bef-mkt, $0.65
    • Flowers Foods (FLO) 6:30am, $0.23
    • Jack Henry & Associates (JKHY) 4:05pm, $0.51
    • JDS Uniphase (JDSU) 4:05pm, $0.13
    • Millennial Media (MM) 4:01pm, ($0.01)
    • Myriad Genetics (MYGN) 4:05pm, $0.44
    • SeaWorld Entertainment (SEAS) 4:01pm, $0.41
    • Taylor Morrison Home (TMHC) 4:01pm, $0.32
    • Valspar (VAL) 7:30am, $1.09

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Soybeans Extend Biggest Gain in 13 Months on U.S. Crop Outlook
  • Iron Ore Gluts Seen Through 2017 on Record Supply: Commodities
  • U.S. Regulator Subpoenas Banks Over Long Queues at Warehouses
  • WTI Rises a Second Day on U.S. Supply Forecast, Mideast Unrest
  • Copper Heads for Highest Close Since June Amid Rebound Signals
  • Gold Trades Below Highest Price in Almost 3 Weeks; Silver Gains
  • Sugar Rises to Six-Week High on Brazil Cold Scare; Cocoa Falls
  • India Increases Gold Tax for Third Time This Year to Cut Deficit
  • Freeport’s Grasberg Mine May Reach Full Production by Month-End
  • Crude Supply Falls Sixth Week in Seven in Survey: Energy Markets
  • North Dakota Oil Boom Seen Adding Costs to Ease Rail Safety Risk
  • Freeport Expects Grasberg Reach Full Output Capacity End of Aug.
  • India May Import More Iran Oil Within UN Rules, Chidambaram Says
  • China Copper Production Plummets, Imports Increase: BI Chart

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

 

 

 

 

 

 

 

 

 

 

 

 


6 Charts: The French Election, Nasdaq All-Time Highs & An Earnings Scorecard

We've been telling investors for some time that global growth is picking up, get long stocks.

read more

Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more

A 'Toxic Cocktail' Brewing for A Best Idea Short

The first quarter earnings pre-announcement today is not the end of the story for Mednax (MD). Rising labor costs and slowing volume is a toxic cocktail...

read more

Energy Stocks: Time to Buy? Here's What You Need to Know

If you're heavily-invested in Energy stocks it's been a heck of a year. Energy is the worst-performing sector in the S&P 500 year-to-date and value investors are now hunting for bargains in the oil patch. Before you buy, here's what you need to know.

read more

McCullough: ‘My 1-Minute Summary of My Institutional Meetings in NYC Yesterday’

What are even some of the smartest investors in the world missing right now?

read more

Cartoon of the Day: Political Portfolio Positioning

Leave your politics out of your portfolio.

read more

Jim Rickards Answers the Hedgeye 21

Bestselling author Jim Rickards says if he could be any animal he’d be a T-Rex. He also loves bonds and hates equities. Check out all of his answers to the Hedgeye 21.

read more