THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 23, 2013


As we look at today's setup for the S&P 500, the range is 29 points or 0.90% downside to 1642 and 0.85% upside to 1671.                                                 

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.50 from 2.50
  • VIX  closed at 14.76 1 day percent change of -7.40%

MACRO DATA POINTS (Bloomberg Estimates):

  • Kansas City Fed Jackson Hole Economic Summit continues
  • 10am: New Home Sales, July, est. 487k (prior 497k)
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • President Obama speaks on improving value of higher education at Binghamton University in Vestal, N.Y., and with Vice President Joe Biden at Lackawanna College in Scranton, Penn.
    • 11am: U.S. Chamber of Commerce briefing on TPP negotiations taking place in Brunei this week
    • Pentagon weighs firing thousands of civilians under 2014 cuts

WHAT TO WATCH:

  • Nasdaq says cause of connectivity issue has been addressed
  • Nasdaq shuts trading for 3 hours after computer errors
  • SEC’s White vows tech safeguards after Nasdaq failure
  • JPMorgan said to face London Whale fines as soon as next mo.
  • CFTC said near releasing high-speed trading regulation plans
  • Amgen said to push for lower Onyx price amid drug-data dispute
  • Koch Industries backs away from bid for Tribune’s newspapers
  • Moody’s mulls downgrade of big banks as U.S. support wanes
  • Mitsubishi aircraft gets U.S. airlines’ backing amid delays
  • AMR, US Airways want trial for U.S. antitrust suit in Nov.
  • Southwest blind spot eroding U.S. bid to bar AMR-US Airways
  • Alibaba said to ask HKEx to allow partners to nominate board
  • Wells Fargo eyes 20% ann. growth in Asia fund-services clients
  • ADM says Graincorp offer extended to Nov. 16 from Aug. 31
  • Richmond says bondholders’ suit over eminent domain too early
  • Baidu buys 59% stake in Renren website for $160m
  • Amazon said to have tested wireless network in California
  • U.K. economy grows a more-than-estimated 0.7% as exports rise
  • U.S. GDP, King Speech Anniv., Carney: Wk Ahead Aug. 24-31

EARNINGS:

    • Ann Inc (ANN) 7:30am, $0.65
    • Foot Locker (FL) 7am, $0.47
    • Hibbett Sports (HIBB) 6:30am, $0.38

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Futures Head for Biggest Weekly Decline in a Month               
  • Gold Bears Take Over as Fed Members Back Taper Plan: Commodities
  • Sugar Exports From India Get Boost From Record Rupee Plunge
  • Gold’s Rout Spurs Surge in Indonesian Demand: Southeast Asia
  • Corn and Soybeans Rise as Midwest Seen Set for Heat and Dryness
  • Copper Climbs on Rebound Indications and Shrinking Inventories
  • Robusta Coffee Falls to 7-Week Low on Technicals; Sugar Advances
  • Rebar Rises as Data Signals Better Prospects for Global Recovery
  • Strike Threat May Cripple Money-Losing South Africa Gold Miners
  • Soybean Traders Most Bullish Since 2012 as Freeze Threat Looms
  • Coal Gets No Relief as Aussie Slide Deepens Glut: Energy Markets
  • Petrobras Outspends Exxon Researching Next Oil Frontiers: Energy
  • China’s Yunnan Tin Will Halt Lead Smelting After Price Declines
  • Soy, Corn Yields Seen Less Than USDA Estimates on Midwest Tour

 

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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