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