TODAY’S S&P 500 SET-UP – August 19, 2013
As we look at today's setup for the S&P 500, the range is 36 points or 0.84% downside to 1642 and 1.34% upside to 1678.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.51 from 2.49
- VIX closed at 14.37 1 day percent change of -2.44%
MACRO DATA POINTS (Bloomberg Estimates):
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell $30b 3M, $25b 6M bills
- 4pm: USDA crop conditions report
- U.S. Weekly Rates Agenda
GOVERNMENT:
- Obama to meet with regulators, discuss fin-reg overhaul
- South Korea, U.S. begin joint military exercises taking place through Aug. 30
- North Korea agrees to reunion talks after Gaesong pact
- Washington Weekly Agenda
WHAT TO WATCH:
- Blackstone said in talks to buy stake in Goldman unit
- Banks seeking protection from govt. seizure of SAC assets: WSJ
- SEC probes J.P. Morgan China hires, NYT reports
- Alibaba in holders’ structure talks with HK Exchange: WSJ
- Yahoo names Maynard Webb as chairman
- Petrobras to sell $2.1b in oil, petrochemical assets
- Apple seeks fingerprint reader patent in Europe: Patently Apple
- JPMorgan seeking to sell 1 Chase Manhattan Plaza
- Co. settles with pension funds over Lehman for $23m
- CVC Capital buys Skrill Group for $800m
- China July new home prices rise; big cities see record gains
- Shire hires Lazard to repel takeover bid: Sunday Times
- News Corp. probed in U.K. as corporate suspect: Independent
- U.S. seeking appeal requiring Bernanke testimony on AIG
- Abbott accused of racketeering in Depakote marketing
- “The Butler” leads film sales w/ $25m for Weinstein
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
- Home sales probably rose to 3-yr high: Eco Weekly Preview
- Jackson Hole, FOMC, Home Sales, Ifo: Wk Ahead Aug. 17-24
EARNINGS:
- Bob Evans (BOBE) 4pm, $0.57
- Intl Rectifier (IRF) 4pm, ($0.10)
- Raven Industries (RAVN) 9am, $0.27
- Urban Outfitters (URBN) 4pm, $0.48
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn-Crop Cuts by USDA Seen Premature as Goldman Predicts Record
- Gold Bears Retreat as Prices Reach Two-Month High: Commodities
- Copper Falls as Investors Await Cues on Fed’s Stimulus Stance
- Gold Trades Below Two-Month High as Rally Spurs Investor Sales
- Corn and Soybeans Advance as Dry Weather Threatens U.S. Yields
- Sugar Tumbles as Fund Buying Fails to Spur Rally; Cocoa Retreats
- WTI Crude Fluctuates as Goldman Raises Brent Forecasts on Supply
- New Zealand Reveals Second Case of Tainted Milk Exports to China
- Rebar Ends Near Highest in Four Months on China Demand Outlook
- Gold Swap Rates Negative on Physical Supply Concerns: BI Chart
- Tin Sales From Indonesia Drop Most in 18 Months on Purity Rules
- Hedge Fund Bulls Make Late Exit From Natural Gas: Energy Markets
- Scottish Independence Case Clouded by Oil Industry Growth Drag
- Gold Seen Rallying by End of Year as Physical Demand Gains
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team