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TODAY’S S&P 500 SET-UP – August 16, 2013


As we look at today's setup for the S&P 500, the range is 37 points or 0.44% downside to 1654 and 1.79% upside to 1691.                                       

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10A


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.43 from 2.42
  • VIX closed at 14.73 1 day percent change of 12.96%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Non-farm Productivity, 2Q prelim est 0.6%
  • 8:30am: Housing Starts, July, est. 900k (prior 836k)
  • 9:55am: UMich Consumer Sentiment, Aug. prelim., est. 85.2
  • 11am: Fed to purchase $2.75b-$3.5b debt in 2020-2023 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 8:30am: FDA’s Tobacco Products Scientific Advisory Cmte mtg to discuss risks, benefits of proposed modified risk tobacco products
    • 3pm: Energy Sec. Ernest Moniz meets with Brazilian counterparts Marco Antonio Raupp and Edson Lobão, Petrobras CEO Maria Das Gracas Foster in Brasilia

WHAT TO WATCH:

  • SAC said to refuse client push to return money before year-end
  • Chinese stocks roiled as Shanghai Composite trading surges
  • AMR seeks plan approval in shadow of US Airways merger lawsuit
  • Exxon, Talisman said to bid for Hess, Newfield’s Asian assets
  • Dell’s results underscore challenges facing plan for turnaround
  • Bard loses $2m verdict in vaginal-mesh implant trial
  • Sony said to win rights to Viacom for TV streaming service
  • Altria Group tentatively wins trial over false advertising suit
  • Forstmann Little seeking bids for IMG Worldwide: WSJ
  • Yahoo! Finance to be overhauled next by Mayer: N.Y. Post
  • Jackson Hole, FOMC, U.S. Home Sales, Ifo: Wk Ahead Aug. 17-24

EARNINGS:

    • No earnings

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Reaches 10-Week High on Buying to Close Out Bearish Bets
  • Gold Bulls Return After Slump Forces Paulson Cut: Commodities
  • Gold Trades Near Two-Month High as Investors Weigh Demand, Fed
  • Palm Oil Exports From Indonesia Seen Holding Near Two-Month Low
  • Crop Prices Pare Weekly Gains Amid Outlook for Rising Production
  • WTI Oil Trades Near Two-Week High as Egypt Unrest Fans Concern
  • Copper Premiums Near Record in China on Postponed Shipments
  • Palm Oil Gains as Much as 1.3% to 2,347 Ringgit/Metric Ton
  • Aluminum Producers Zero in on 3.2 Million MT of Capacity Cuts
  • Rubber Makes Second Weekly Gain on Weak Yen, Thai Farmer Support
  • Verdi Says Aug. 21 Strike to Block Rivers in Northwest Germany
  • Crude May Drop on Concern Fed Will Taper Stimulus, Survey Shows
  • SHFE Copper Stockpiles Climb From 11-Month Low as Aluminum Drops
  • Rebar Pares Third Weekly Gain on Concern Fed May Taper Stimulus

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