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