THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 20, 2013


As we look at today's setup for the S&P 500, the range is 34 points or 0.25% downside to 1642 and 1.82% upside to 1676.                 

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.49 from 2.53
  • VIX  closed at 15.1 1 day percent change of 5.08%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC retail sales
  • 8:30am: Chicago Fed Natl Activity Index, July (prior -0.13)
  • 8:55am: Redbook weekly retail sales
  • 11am: Fed to purchase $750m-$1b in 2024-2031 sector
  • 11:30am: U.S. to sell 4W bills, $25b 52W bills
  • 4:30pm: API crude, oil product inventories

GOVERNMENT:

    • Northrop Grumman holds media briefing on aircraft unmanned systems and their impact on military, commercial aerospace
    • U.S. Senate Finance Cmte Chairman Max Baucus, House Ways and Means Cmte Chairman Dave Camp make tax tour stop at Intel
    • Coal foe named to FERC latest Obama pick drawing industry ire

WHAT TO WATCH:

  • Kyle Bass said to bet on J.C. Penney comeback w/loan purchase
  • PepsiCo said to be considering offer for India’s Balaji Wafers
  • JPMorgan energy trades probed by DOJ, WSJ reports
  • W&G Investments to submit $2.4b bid for RBS branches
  • Icahn asks court to dismiss lawsuit by Herbalife short-seller
  • Glencore takes $7.7b charge on Xstrata mining assets
  • BHP seeks potash partners after approving $2.6b spend
  • Barnes & Noble distribution spat w/Simon & Schuster resolved
  • Tesla says Model S electric sedan gets top U.S. crash rating
  • EA asks appeals court to delay college athletes’ suit ruling
  • India may delay capital infusion into banks as stocks slump
  • TiVo updates set-top boxes in bid to boost retail sales
  • Zillow follows StreetEasy deal with $411.9m share sale
  • Urban Outfitters 2Q EPS, comp sales beat estimates
  • Ex-Qwest head Nacchio seeks tax refund as prison term ends
  • Weapons for Egypt under review; U.S. public favors aid cutoff

EARNINGS:

    • Analog Devices (ADI) 4pm , $0.54
    • Barnes & Noble (BKS) 8:30am, ($0.67)
    • Best Buy (BBY) 7am, $0.12 - Preview
    • Dick’s Sporting Goods (DKS) 7:30am, $0.74
    • Home Depot (HD) 6am, $1.21 - Preview
    • Intuit (INTU) 4pm , ($0.01)
    • JC Penney (JCP) 7:30am, ($1.07) - Preview
    • La-Z-Boy (LZB) 4:05pm, $0.15
    • Medtronic (MDT) 7:15am, $0.88 - Preview
    • TJX (TJX) 8:33am, $0.63 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • U.S. Gold Coin Sales Slump as Prices Rebound on Asian Demand              
  • Soybean Trading Mogul Shao to Double China Imports: Commodities
  • WTI Crude Falls for Second Day as Fed Tapering Speculation Grows
  • Gold Is Little Changed After Rally to Two-Month High on Demand
  • Copper Declines on Concern Reduced Fed Stimulus to Erode Demand
  • Glencore Xstrata Reports $7.7 Billion Writedown as Profit Drops
  • India Seen Defying Rupee Plunge to Import Record Cooking Oil
  • Kenya From Nowhere Plans East Africa’s First Oil Exports: Energy
  • Rebar Falls Following Broad Sell-Off in Commodities, Equities
  • Copper Exchanges Stocks-to-Use Ratio Hits 7-Month Low: BI Chart
  • U.S. Retail Gasoline Drops for 4th Week as Supplies Remain High
  • Palm Oil Drops as Decline in Crude Oil Reduces Biofuel Appeal
  • Real-Life Na’vi Snub Billionaire Agarwal’s Bauxite Mining Plan
  • BHP Seeks Potash Partners After Approving $2.6 Billion Spend

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team