TODAY’S S&P 500 SET-UP – August 15, 2013
As we look at today's setup for the S&P 500, the range is 30 points or 0.20% downside to 1682 and 1.58% upside to 1712.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.39
- VIX closed at 13.04 1 day percent change of 5.93%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:15am: Fed’s Bullard speaks on economy in Louisville, Kentucky
- 8:30am: Initial Jobless Claims, Aug. 9, est. 335k (prior 333k)
- 8:30am: Empire Manufacturing, Aug. 7, est. 10 (prior 9.46)
- 8:30am: Consumer Price Index M/m, July, est. 0.2% (prior 0.5%)
- 9am: Total Net TIC Flows, June (prior $56.4b)
- 9:15am: Industrial Production, July, est. 0.3% (prior 0.3%)
- 9:45am: Bloomberg Consumer Comfort, Aug. 11
- 10am: NAHB Housing Market Index, Aug., est. 57 (prior 57)
- 10am: Philadelphia Fed Biz Outlook, Aug., est. 15 (prior 19.8)
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $3b-$4b notes in 2019-2020 sector
- 11am: Treasury announces offering size for auction of 5Y tips
GOVERNMENT:
- 11am: FDIC hosts teleconference on interim final capital rule for community banks approved by board on July 9
WHAT TO WATCH:
- Amgen talks to buy Onyx said to stall over drug trial data
- JPMorgan said to expect multiple fines as Whale traders charged
- AMR bankruptcy plan goes to judge after U.S. suit on merger
- Cisco cutting jobs as Chambers turnaround hit by sales slowdown
- Credit Cards report July Charge-Offs, delinquencies
- Gold bull Paulson cuts SPDR stake by half in 2Q amid bear market
- Cohen’s SAC reduces U.S. stock holdings by $2b in 2Q amid probe
- BP asks judge to deny investors’ bid to sue as group over spill
- Loeb’s Third Point Re raises $276m pricing IPO at low end
- U.K. July retail sales rise more than forecast amid heatwave
- Lenovo 1Q profit beats ests. on handset market share gains
- Berkshire 13F filing due today after Edgar glitch: Reuters
EARNINGS:
- Applied Materials (AMAT) 4pm, $0.19
- Aspen Technology (AZPN) 4:02pm, $0.08
- Bally Technologies (BYI) 4:01pm, $0.94
- Dell (DELL) 4:01pm, $0.24
- E-Commerce China Dangdang (DANG) Bef-mkt, $(0.15)
- Estee Lauder (EL) 7:30am, $0.21
- Kohl’s (KSS) 7am, $1.04
- Nordstrom (JWN) 4:05pm, $0.88 - Preview
- Pan American Silver (PAA CN) Bef-mkt, $0.05
- Perrigo (PRGO) 7:44am, $1.56
- Wal-Mart Stores (WMT) 7am, $1.25 – Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Bull Paulson Cuts SPDR Stake by Half Amid Bear Market
- Cocoa Crunch in Ivory Coast Heads for Bull Market: Commodities
- Gold Demand Fell 12% to Four-Year Low in Quarter on ETP Selling
- Brent Crude Rallies to Four-Month High on Crackdown in Egypt
- Soybeans Rise to Three-Week High on Concern About Dry Weather
- Copper Declines Amid Speculation Fed Will Reduce Debt Purchases
- Aluminum Premium Trading Rises as Regulators Focus on Warehouses
- Commerzbank’s Physical Gold Trading Is Active Amid Bear Market
- Gasoline Slumps as End of Driving Season Nears: Energy Markets
- Indonesia’s Kharisma Sells 15,000 Tons of Crude Palm Oil (Table)
- Indonesia’s July Tin Exports Seen Dropping on Low Prices: Timah
- Gold Rebound to $1,600 Seen by Fund Manager Day on Bank Stimulus
- Oil Pipeline From Kurdistan Makes Gulf Keystone Target: Energy
- Gold Gains to Three-Week High on Signs of Demand as Dollar Drops
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team