THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 21, 2013


As we look at today's setup for the S&P 500, the range is 32 points or 0.63% downside to 1642 and 1.31% upside to 1674.                                   

                                                                                            

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.48 from 2.48
  • VIX  closed at 14.91 1 day percent change of -1.26%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Aug. 16 (prior -4.7%)
  • 10am: Existing Home Sales, July, est. 5.15m (prior 5.08m)
  • 10:30am: DOE Energy Inventories
  • 2pm: Release of FOMC minutes from July 30-31 meeting

GOVERNMENT:

    • SEC could vote to introduce legislation requiring cos. to disclose how much more CEOs are paid than rank-and-file workers
    • 9am: Former FDIC Chairman Sheila Bair, PIMCO CEO Mohamed El-Erian discuss U.S. economy
    • 2pm: FOMC releases minutes from July 30-31 meeting
    • Obama meets on Egypt aid cutoff as lawmakers demand action

WHAT TO WATCH:

  • Goldman said to send client requests to exchanges in error
  • J&J said to weigh $3b settlement of its hip implant cases
  • Disgruntled investors eyeing Falcone’s holding co., NYP says
  • JPMorgan said to be near selection of 2 new directors: Reuters
  • Apple said to add music videos from Vevo to expand TV content
  • Office Depot and Starboard agree to settlement on board
  • Kodak bankruptcy reorganization approved by N.Y. judge
  • Subway targets Europe w/as many as 1,000 new outlets in 2014
  • New China Trust said to withdraw ILFC bid on regulator ties
  • Facebook’s Zuckerberg seeks universal Internet access
  • Perry Capital said to build Herbalife stake opposed to Ackman
  • Disney to shutter 10-yr-old Toontown online multiplayer game
  • AT&T sued on refusal to carry Al Jazeera cable network in U.S.
  • Apple iPad’s China mkt share slumps as Samsung tablets gain
  • APA needs to study Envestra finances before making any new bid
  • Toyota’s Lexus Marque to open luxury stores in branding push
  • China Telecom posts 2nd-straight profit gain on iPhone boost

EARNINGS:

    • AFC Enterprises (AFCE) 5pm, $0.31
    • American Eagle Outfitters (AEO) 8am, $0.10
    • Eaton Vance (EV) 9am, $0.54
    • Energy XXI Bermuda (EXXI) 7am, $0.47
    • Hain Celestial Group (HAIN) 4pm, $0.62
    • Hewlett-Packard (HPQ) 4:04pm, $0.86 - Preview
    • JM Smucker (SJM) 7am, $1.20
    • L Brands (LTD) 4:30pm, $0.60
    • Lowe’s (LOW) 6am, $0.79 - Preview
    • Madison Square Garden (MSG) 7:30am, $0.32
    • PetSmart (PETM) Bef-mkt, $0.86
    • Prospect Capital (PSEC) 4:03pm, $0.30
    • Sears Canada (SCC CN) 7am, C$0.23
    • Semtech (SMTC) 4:03pm, $0.51
    • Staples (SPLS) 6am, $0.18
    • Synopsys (SNPS) 4:05pm, $0.54
    • Target (TGT) 7:30am, $0.95 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near One-Week Low on Fed Speculation, Libya Restarts       
  • China Gold-Mine Deals at Record After Price Plunge: Commodities
  • Gold Falls as Investors Await Fed Minutes for Stimulus Outlook
  • Corn Retreats for Second Day on Higher Yields; Soybeans Decline
  • Copper Falls as Chinese Manufacturing Seen Continuing to Shrink
  • China Copper Imports Touch 10-Month High on Premium, Arbitrage
  • Japan Watchdog as Tepco Doubter Warns of More Leaks at Fukushima
  • Gold in India May Climb to Record in a Month: Technical Analysis
  • Sugar, Coffee Fall on Emerging Market Currencies; Cocoa Slides
  • China Platinum Imports Grow 20% Yoy on Supply Concerns: BI Chart
  • Cocoa Deliveries in Brazil’s Bahia Decrease 1.6%, Hartmann Says
  • Kenya Fights Off Port Competition With $13 Billion Plan: Freight
  • North Sea Output May Slide as Much as 22% in 2013 on Maintenance
  • Rebar Declines as China Punishes Banks for Some Steel Loans

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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