THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 28, 2013


As we look at today's setup for the S&P 500, the range is 45 points or 0.58% downside to 1621 and 2.18% upside to 1666.                                                                                                                               

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.35 from 2.35
  • VIX  closed at 16.77 1 day percent change of 11.87%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Aug. 23 (prior -4.6%)
  • 7:45am: BoE’s Carney speaks in Nottingham, England
  • 10am: Pending Home Sales M/m, July, est. 0.0% (prior -0.4%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $2.75b-$3.5b in 2020-2023 sector
  • 1pm: U.S. to sell $35b 5Y notes

GOVERNMENT:

    • 10am: FDIC to consider new version of proposed Qualified Residential Mortgage rule that would require lenders to keep stake in risky mortgages they securitize
    • 11am: 50th anniversary of March on Washington civil rights rally, Dr. Martin Luther King, Jr.’s “I Have a Dream” speech; President Barack Obama, former Presidents Bill Clinton, Jimmy Carter, will speak
    • U.S. Defense Sec. Chuck Hagel attends mtg of defense chiefs of ASEAN and their counterparts from nations including Japan, South Korea and China in Brunei

WHAT TO WATCH:

  • BofA’s Merrill reaches $160m deal in black advisers’ suit
  • Syria strike looms as U.S. readies forces with U.K., France
  • Ex-JPMorgan trader released, opposes U.S. extradition
  • JPMorgan “London Whale” fines may reach $600m: WSJ
  • Sumitomo Mitsui, Orix said to weigh bids for AIG-owned planes
  • Currency spikes at 4pm in London provide rate-rigging clues
  • AMR-US Airways trial should wait until March, U.S. says
  • Switzerland close to resolving undeclared U.S. accounts issue
  • China to strictly control new local govt debt: Xinhua
  • TPG-backed China Grand Auto is said to revive $500m IPO
  • PepsiCo may buy up to 25% in Balaji Wafers, Line reports
  • India’s Foreign Investment Board clears Mylan deal: Express
  • N.Y. Times, Twitter web-address data hacked by Syrian group

EARNINGS:

    • Brown-Forman (BF/B) 8am, $0.71
    • Canadian Western Bank (CWB CN) 8:30am, C$0.59 - Preview
    • Chico’s (CHS) 7:15am, $0.32
    • Express (EXPR) 7am, $0.20
    • Fresh Market (TFM) Aft-mkt, $0.32
    • Guess? (GES) 4:03pm, $0.36
    • Joy Global (JOY) 6am, $1.36 - Preview
    • National Bank of Canada (NA CN) 7:15am, C$2.06 - Preview
    • Williams-Sonoma (WSM) 4:05pm, $0.47

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • LME Facing Big Bang After Largest Metals Bourse Names New Chief       
  • Potash King Becomes Hostage as Belarus Pokes Putin: Commodities
  • Commodities Gain to Six-Month High as Oil Rallies on Syrian Risk
  • WTI Crude Rises to Two-Year High on Syria; SocGen Sees $150 Risk
  • Gold Nears Bull-Market Territory as Syrian Tensions Spur Demand
  • Copper Retreats for a Second Day Amid Escalating Syria Tension
  • Corn Output in China Seen Lower on Heavy Rain, Researcher Says
  • Sugar Declines as Brazil Millers Favor Sweetener; Cocoa Advances
  • Gold Supply Hit Record in 2Q on OTC Market, GFMS Says: BI Chart
  • Oil Diverges From U.S. Stocks Most Since 2011 on Syria Concerns
  • McDonald’s ‘Mighty Wings’ Seen Boosting Prices: Chart of the Day
  • Gas Price Jump Seen in Record Europe Stockpiling: Energy Markets
  • Cranes Hoist Lebanon Economy as Syrian War Helps Port: Freight
  • Tocqueville Is Best Gold Fund Amid Price Plunge: Riskless Return

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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

 

 

 

 

 

 

 

 

 

 

 

 


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