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