THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 22, 2013


As we look at today's setup for the S&P 500, the range is 38 points or 0.72% downside to 1631 and 1.59% upside to 1669.  

                                                                                                                           

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.55 from 2.53
  • VIX  closed at 15.94 1 day percent change of 6.91%

MACRO DATA POINTS (Bloomberg Estimates):

  • Kansas City Fed Jackson Hole Economic Summit, thr. Aug. 24
  • 8:30am: Init Jobless Claims, Aug. 17, est. 330k (pr. 320k)
  • 8:58am: Markit U.S. PMI Prelim., Aug., est. 54.2 (pr. 53.2)
  • 9am: House Price Index M/m, June, est. 0.6% (prior 0.7%)
  • 9:45am: Bloomberg Economic Expectations, Aug. (prior -5)
  • 10am: Leading Eco. Indicators, July, est. 0.5% (prior 0.0%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manufacturing, Aug., est. 6 (prior 6)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11am: U.S. to announce sizes of 2Y, 5Y, 7Y notes
  • 1pm: U.S. to sell $16b 5Y TIPS in reopening
  • 2pm: Fed’s Fisher speaks in Orlando, Fla.

GOVERNMENT:

    • President Obama speaks on improving value of higher education for middle class during bus tour through N.Y. and Penn.
    • 11am: Airlines for America qtrly briefing on U.S. passenger airlines’ YTD financial, operational results, performance
    • 2pm: Chairman of Joint Chiefs of Staff Gen. Martin Dempsey briefs foreign media on U.S. national security strategy
    • 4pm: Treasury Sec. Jack Lew speaks to Commonwealth Club of Calif.

WHAT TO WATCH:

  • FBI said to hunt for criminal acts in JPMorgan energy inquiry
  • Wells Fargo said to eliminate 2,300 mortgage-production jobs
  • Microsoft says bribery investigation includes Russia, Pakistan
  • EU said to weigh curb on collateral asset reuse in repo trades
  • China’s manufacturing gains on stronger domestic demand
  • Everbright Securities president Xu quits after trading error
  • Yahoo tops Google in U.S. for July web traffic, ComScore says
  • Hoover maker aims to turn bankrupt Oreck profitable next year
  • Tesla CEO weighs overseas plants for mass-market electric car
  • Potash rift seen lasting as Asia sales said to rile Uralkali
  • JSW seeks to sell U.S. plant as demand revives
  • Euro-area services output grows for first time in 19 months
  • GM’s Opel revamps insignia to regain customers
  • FHFA should develop policies to govern settlements: report

 EARNINGS:

 AM EARNS

    • Abercrombie & Fitch (ANF) 6:30am, $0.29 - Preview
    • Buckle (BKE) 7am, $0.52
    • Children’s Place (PLCE) 6:30am, $(0.53)
    • Dollar Tree (DLTR) 7:29am, $0.57
    • GameStop (GME) 8:30am, $0.04
    • Hormel Foods (HRL) 6am, $0.45
    • Patterson (PDCO) 7am, $0.48
    • Ross Stores (ROST) 8:25am, $0.93
    • Sears Holdings (SHLD) 6am, $(1.07)
    • Toro (TTC) 8:30am, $0.59

PM EARNS

    • Aeropostale (ARO) 4:01pm, $(0.28)
    • Aruba Networks (ARUN) 4:03pm, $0.11
    • Autodesk (ADSK) 4:01pm, $0.42
    • Gap (GPS) 4pm, $0.64
    • Marvell Technology (MRVL) 4:03pm, $0.19
    • Mentor Graphics (MENT) 4:05pm, $0.17
    • Micros Systems (MCRS) 4:02pm, $0.62
    • Nordson (NDSN) 4:30pm, $1.05
    • Pandora Media (P) 4:02pm, $0.02 - Preview
    • Solera Holdings (SLH) 4:07pm, $0.66

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Rebounds From Two-Week Low on China Manufacturing Growth   
  • Gold Rout Seen Bottoming by Analysts as China Buys: Commodities
  • Russian Urals Set to Lose Iraq-Attack Premium: Energy Markets
  • Toyota Said to Raise Steel Prices for Suppliers by 12 Percent
  • Gold Rises in London as Bearish Bets Drop Amid Sign of Bottoming
  • Corn Declines as U.S. Yields Boost Outlook; Soybeans Retreat
  • Rubber Jumps as China’s Manufacturing Improves, Yen Weakens
  • Gold’s Luster Burnished by Currency Collapse in Emerging Markets
  • Indonesia Cuts Palm Oil Export-Tax to Boost Sales as Prices Drop
  • FBI Said to Hunt for Criminal Acts in JPMorgan Energy Probe
  • Rebar Falls to Lowest in Two Weeks as Mills Increase Selling
  • Commodities May Decline 11% on Fibonacci: Technical Analysis
  • Tin Smelters in Indonesia to Start Trading Through Exchanges
  • Copper Advances as Manufacturing Unexpectedly Expands in China

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

 

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

 

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9A

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 

 


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