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


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EQUITY SENTIMENT:


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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

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team