TODAY’S S&P 500 SET-UP – August 26, 2013
As we look at today's setup for the S&P 500, the range is 29 points or 1.29% downside to 1642 and 0.45% upside to 1671.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.44 from 2.44
- VIX closed at 13.98 1 day percent change of -5.28%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods, July, est. -4.0% (prior rev. 3.9%)
- 10:30am: Dallas Fed Mfg Activity, Aug., est. 3.9 (prior 4.4)
- 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell $30b 3M bills, $25b 6M bills
- U.S. Weekly Rates Agenda
GOVERNMENT:
- Under Sec. of Commerce for Intl Trade Francisco Sanchez visits Brazil, Uruguay to promote U.S. oil, gas exports
- Washington Weekly Agenda
WHAT TO WATCH:
- Amgen to buy Onyx for $10.4b to gain cancer market access
- ONGC to pay Anadarko $2.64b for stake in gas field
- Pritzker to buy TMS International in $1b deal: WSJ
- Goldman options glitch limited to “tens of millions”: WSJ
- Goldman puts 4 on leave after options error, FT reports
- KPN wins America Movil’s support for $11b German deal
- Wal-Mart puts India expansion on hold: FT
- Weinstein’s “The Butler” tops box office for 2nd wknd
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Transports
- North American M&A Agenda
- Canada Weekly Agendas: Energy, Mining
- Consumer spending probably rose in July: Eco Weekly Preview
- U.S. GDP, King Speech Anniv., Carney: Wk Ahead Aug. 26-31
EARNINGS:
- No earnings scheduled from S&P 500
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Rubber Enters Bull Market as Recovery in China Boosts Demand
- Hedge Fund Gold Bets at Six-Month High After Rally: Commodities
- Rubber on Tokyo Commodities Exchange Advances Into Bull Market
- Soybeans Rally the Most Since 2011 as Hot Weather Curbs Crops
- Gold Swings as Investors Weigh Stimulus After Home Sales Decline
- WTI Crude Trades Near Four-Day High Amid Economic Recovery Signs
- Indonesia Can Expand Plantations to Add 2.3M Tons Sugar a Year
- ThyssenKrupp Dividend Forecast Reduced to Zero by Bloomberg
- Export-Quota Removal in Indonesia Seen Negative for Nickel Price
- Palm Oil Rallies Most in Eight Months as Weather Hurts Soybeans
- Iron Ore Strength Suggests Mild China Rebound: Morgan Stanley
- Russia Offers Fukushima Cleanup Help as Tepco Reaches Out
- Gold Is Last Man Standing as Rupee Fuels Inflation: India Credit
- Indian Banks, Traders Extend Gold Import Suspension on Curbs
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team