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