TODAY’S S&P 500 SET-UP – August 14, 2013
As we look at today's setup for the S&P 500, the range is 32 points or 0.72% downside to 1682 and 1.17% upside to 1714.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.38 from 2.39
- VIX closed at 12.31 1 day percent change of -3.90%
MACRO DATA POINTS (Bloomberg Estimates):
- 7am: MBA Mortgage Applications, Aug. 9 (prior 0.2%)
- 8:30am: Producer Price Index M/m, July, est. 0.3% (prior 0.8%)
- 10:30am: DOE Energy Inventories
- 11am: New York Fed report on household debt
- 11am: Fed to purchase $1.25b-$1.5b bonds in 2036-2043 sector
- 1:20pm, 3:15pm: Fed’s Bullard speaks in Paducah, Ky.
GOVERNMENT:
- Federal Reserve may say whether it plans to appeal a U.S. District Court’s reversal of cap on debit-card fees
- 1pm: Sen. Ben Cardin, D-Md., holds town hall w/ civilian Defense Dept employees to discuss sequestration
WHAT TO WATCH:
- JPMorgan trading-loss charges said to be announced by U.S. today
- Euro-area 2Q GDP rises 0.3% Q/q, exits record-long recession
- Cook’s moves to return Apple cash fall short of satisfying Icahn
- BlackBerry said to have sought buyers since ’12 without success
- Obama, Reid aides said to discuss Fed deliberations post-letter
- Zynga CEO Mattrick shakes up management in reorganization push
- MSCI index changes due after close of trading today
- Funds reporting stake changes, additions, deletions via 13-F filings
- Third Point Reinsurance IPO may price today
- Germany, France 2Q GDP expanded more than forecast
- Softer U.S. mortgage rule said to be proposed at end of Aug.
- CBS prime-time TV viewership shrinks 4.7% after cable blackout
- Weyerhaeuser home-building unit attracts bidding interest: WSJ
EARNINGS:
- Agilent Technologies (A) 4:05pm, $0.62
- B2Gold (BTO CN) 6:30am, $0.03
- Baytex Energy (BTE CN) 8am, C$0.34
- CACI International (CACI) 4:05pm, $1.60
- Cisco Systems (CSCO) 4:04pm, $0.51 - Preview
- Deere (DE) 7am, $2.18 - Preview
- Himax Technologies (HIMX) 4:30pm, $0.11
- Linamar (LNR CN) 4pm, C$0.81
- Macy’s (M) 8am, $0.78 - Preview
- Metro (MRU CN) 7am, C$1.54
- NetApp (NTAP) 4:01pm, $0.49
- NetEase (NTES) 6pm, $1.25
- Pinnacle Foods (PF) 8am, $0.27
- Renren (RENN) 6pm, $(0.01)
- Rona (RON CN) 7am, C$0.33
- Silver Wheaton (SLW CN) 5:53pm, $0.25
- Towers Watson (TW) 6am, $1.27
- Vipshop Holdings (VIPS) 4:01pm, $0.18
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Losing Faith in Gold From Ghana to Vancouver Proves 2013 Rout
- Potash Mines Imperiled in Europe as Market Braces: Commodities
- Gold Smuggling to Climb in India on Tax Increase, Festive Demand
- WTI Drops for First Day in Four Amid Signs Fuel Stockpiles Rose
- Corn Rebounds on Weather Concern as Wheat Futures Extend Drop
- Copper Trades Near Nine-Week High Amid Economic Recovery Signals
- Palm Oil Output Surge May Limit Gains in Futures, CIMB’s Ng Says
- Rebar Snaps 10-Day Rally in Shanghai as Steel Mills Sell Futures
- Gold Swings as Investors Weigh Fed Stimulus, Physical Purchases
- Gold Rebound to $1,600 Seen by Fund Manager Day on Bank Stimulus
- Chinese Coking Coal Demand Met by Plentiful, Low-Priced Imports
- Brazil $42 Billion Rail Bet to Cut Iron Ore-Farm Costs: Freight
- Cocoa Deliveries in Brazil’s Bahia Increase 17%, Hartmann Says
- Escondida Miners Will Begin 1-Day Strike Tomorrow, Union Says
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team