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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team