TODAY’S S&P 500 SET-UP – August 27, 2013
As we look at today's setup for the S&P 500, the range is 27 points or 0.83% downside to 1643 and 0.80% upside to 1670.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.40 from 2.42
- VIX closed at 14.99 1 day percent change of 7.22%
MACRO DATA POINTS (Bloomberg Estimates):
- 6:50am: Fed’s Williams speaks on monetary policy in Sweden
- 9am: S&P/Case Shiller 20 City Home Price Index M/m, June, est. 1% (prior 1.05%)
- 9am: S&P/CS 20 City Composite Y/y, June, est. 12.1%
- 10am: Richmond Fed Manuf. Index, Aug., est 0 (prior -11)
- 10am: Consumer Conf. Index, Aug., est. 79 (prior 80.3)
- 11am: Fed to buy $4.25b-$5.25b in 2017-2018 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $34b 2Y notes
GOVERNMENT:
- CMS, HHS hold 2nd semi-annual meeting of Advisory Panel on Hospital Outpatient Payment, 9am
- Under Sec. of Commerce for Intl Trade Francisco Sanchez visits Brazil, Uruguay to promote U.S. oil, gas exports
WHAT TO WATCH:
- Pershing hires Citi to sell entire J.C. Penney stake
- Ackman’s Pershing sells J.C. Penney stake for $504m
- U.S. girding for Syria move vows to hold Assad liable
- Seeks Greek permission for Syria campaign: Kathimerini
- PetroChina says 3 executives resign amid government probe
- German Aug. IFO confidence beats ests, at 16-month high
- India may decide on Mylan’s bid for Strides
- Daimler to invest $2.7b to expand China production
- Japan’s ANA to buy stake in Myanmar airline
EARNINGS:
- Avago Tech (AVGO) 4:05pm, $0.66
- Bank of Montreal (BMO CN) 6:30am, $1.53 - Preview
- Bank of Nova Scotia (BNS CN) 7:30am, $1.31 - Preview
- Brown Shoe (BWS) 7am, $0.22
- Donaldson (DCI) 7am, $0.45
- DSW (DSW) 7am, $0.79
- Heico (HEI) 5:12pm, $0.47
- Regis (RGS) 6am, $0.12
- Sanderson Farms (SAFM) 6:30am, $2.66
- Tiffany & Co (TIF) 7am, $0.74
- TiVo (TIVO) 4:01pm, $(0.10)
- Wet Seal (WTSLA) 4:05pm, $0.01
- WMS Industries (WMS) 4pm, $0.31
- Workday (WDAY) 4:05pm, $(0.18)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Garry Jones Named as Chief Executive of London Metal Exchange
- Coffee Reserves Seen at 2000 Low on Indonesian Rain: Commodities
- Brent Rises to Five-Month High on Syria Clash, Libya Supply Loss
- Gold Climbs to Two-Month High on ETP Holdings, Syrian Tensions
- Money Managers Boost Cocoa Net Long to 54,382 Contracts Aug. 20
- Copper Declines After Biggest Gain in Stockpiles in Two Months
- Russia, Kazakhstan Boost Gold Reserves as Mexico Sells, IMF Says
- Robusta Coffee Rises as Reserves May Decline; White Sugar Gains
- Copper’s 340,000 Metric Ton Surplus an Overhang on Market, Price
- Rebar Climbs as Industrial Profits Strengthen Economic Outlook
- China Boosts Rapeseed Imports as Global Oilseed Output Rises
- Shell South African Shale Drive Riles Farmers Over Water: Energy
- Grain-Carrier Rates Rising as Crop Cargoes Near Record: Freight
- Record Gold in India Seen Hurting Jewelry Demand as Rupee Slumps
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team