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TODAY’S S&P 500 SET-UP – August 29, 2013


As we look at today's setup for the S&P 500, the range is 37 points or 0.43% downside to 1628 and 1.84% upside to 1665.                                     

SECTOR PERFORMANCE


THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.39 from 2.37
  • VIX  closed at 16.49 1 day percent change of -1.67%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: GDP Annlized Q/q, 2Q revised, est. 2.2% (prior 1.7%)
  • 8:30am: Init. Jobless Claims, Aug. 24, est. 331k (pr 336k)
  • 8:50am: Fed’s Bullard speaks in Memphis
  • 9:45am: Bloomberg Consumer Comfort, Aug. 25, prior -28.8
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 1pm: U.S. to sell $29b 7Y notes
  • 2pm: Fed’s Lacker speaks in Newport News, Va.

GOVERNMENT:

    • 9am: Transportation Dept, Federal Railroad Administration hold mtg of Railroad Safety Advisory Cmte to discuss July derailment in Quebec
    • 10am: FDIC Chairman Gruenberg announces 2Q bank, thrift earns
    • Syria showdown widens rift as U.S., U.K. press for action

WHAT TO WATCH:

  • JPMorgan bribery probe said to expand as spreadsheet found
  • Vodafone, Verizon in talks over U.S. wireless stake sale
  • US Airways’ Washington Airport prize hobbles bid for AMR merger
  • Blackstone settles IPO disclosure lawsuit for $85m
  • Seaworld slumps after slashing prices as visitors drop
  • U.S. and Swiss said to agree in offshore tax evasion probe
  • Zurich Chairman Ackermann resigns after CFO’s suicide
  • Brazil raises rate to 9% as real undercuts inflation fight

EARNINGS:

    • Africa Oil (AOI CN) 5:30pm, $(0.02)
    • Campbell Soup (CPB) 7:30am, $0.42
    • Esterline Technologies (ESL) 4pm, $1.54
    • Golar LNG (GLNG) Bef-mkt, $0.20
    • Golar LNG Partners (GMLP) Bef-mkt, $0.53
    • K12 (LRN) 6am, $0.02
    • Krispy Kreme Doughnuts (KKD) 4:05pm, $0.16
    • Pall (PLL) 7am, $0.89
    • Royal Bank of Canada (RY CN) 6am, C$1.38 - Preview
    • Salesforce.com (CRM) 4:05pm, $0.07
    • Signet Jewelers (SIG) 6:30am, $0.83
    • Splunk (SPLK) 4:02pm, $(0.03)
    • Toronto-Dominion (TD CN) 6:30am, C$1.53 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Snaps Five-Day Rally as Data May Increase Case for Tapering
  • Cotton Glut Expands to Record as Hanes Profit Gains: Commodities
  • WTI Oil Falls From Two-Year High as Syria Intervention Debated
  • Robusta Coffee Falls to 2-Month Low on Bear Trend; Cocoa Slides
  • Copper Trades Near Two-Week Low on Concern About Syria Unrest
  • Noble Wins Order to Liquidate Ebullio Commodity Master Fund
  • Wheat Exports From India Seen Climbing on Record Plunge in Rupee
  • New Billionaire Profits From Vietnam-China Cotton Cost Gap
  • Soybeans, Corn Decline on Improving Outlook for Midwest Weather
  • China Galvanized Steel Slowdown May Cool Zinc Use After 1H Boost
  • Gas Price Jump Seen in Record Europe Stockpiling: Energy Markets
  • Capital One Hires JPMorgan, Barclays Bankers to Expand in Energy
  • South Africa Gold Companies Considering Locking Out Workers
  • Oil May Fall as Retaliation for Syria Strike Unlikely: Citigroup

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team