THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 30, 2013


As we look at today's setup for the S&P 500, the range is 38 points or 0.80% downside to 1625 and 1.52% upside to 1663. 

                                                                                                                              

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.38 from 2.37
  • VIX  closed at 16.81 1 day percent change of 1.94%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, July, est. 0.2% (prior 0.3%)
  • 9am: Fed’s Bullard speaks in Memphis
  • 9:30am: ISM Milwaukee, Aug., est. 53 (prior 52.43)
  • 9:45am: Chicago Purchasing Mgrs Index, Aug., est. 53
  • 9:55am: UMich. Sentiment, Aug. final, est. 80.5 (prior 80)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • President Obama meets with presidents of Estonia, Lithuania, Latvia, discussion will include NATO defense matters, cybersecurity, proposed Transatlantic Trade and Investment Partnership

WHAT TO WATCH:

  • Sinopec to acquire $3.1b stake in Apache’s Egypt assets
  • America Movil says it’s ready to drop $9.5b KPN bid
  • Carl Icahn increases stake in Nuance, may seek seat on board
  • Microsoft vying w/American Express for stake in Foursquare
  • ADM’s offer for GrainCorp needs more scrutiny, lawmakers say
  • Verizon-Vodafone seen yielding over $240m in fee bonanza
  • GE set to exit retail lending, prepares unit spin off: WSJ
  • Radian reaches accord w/Freddie Mac to cap claim expenses
  • Ackermann quit Zurich Insurance after mention in suicide note
  • AMR, US Airways clash w/U.S. on rush to trial in merger case
  • Jacobs Engineering close to deal for Sinclair Knight: AFR
  • China will fine Everbright $85m for legal violations: Xinhua
  • Japan’s prices rise most since 2008 in boost for Abe
  • Renault COO Tavares said to have asked CEO for wider role
  • G-20, U.S. Jobs, Australia Election: Wk Ahead Aug. 31-Sept. 7
  • U.S. markets closed Monday for Labor Day holiday

EARNINGS:

    • Alimentation Couche-Tard (ATD/B CN) 8:39am, $0.96
    • Big Lots (BIG) 6am, $0.24
    • Laurentian Bank (LB CN) 8:45am, C$1.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Cuts Monthly Advance on Speculation Fed Will Slow Stimulus         
  • Gold Trade Most Bullish Since March on Syria Crisis: Commodities
  • Sumitomo Sees Aluminum Glut Extending to 2014 as China Slows
  • WTI Drops for a Second Day as U.K Lawmakers Reject Syrian Action
  • Soybeans Drop as Rain Forecasts for Midwest Ease Yield Concern
  • Aluminum Reaches Three-Week Low on Prospects for Larger Surplus
  • Indonesia With Malaysia to Support Palm Prices by More Biodiesel
  • Saudi Arabian Crude Output Surges to 24-Year High in OPEC Survey
  • BullionVault Offers Storage at Toronto Vault on Demand From U.S.
  • Cotton Fibonacci Signaling Slump to June Low: Technical Analysis
  • Oil Patch Follows Smartphone Makers in Patent Defenses: Energy
  • Cocoa-Butter Ratio Rises to Highest Since 2008 as Demand Climbs
  • Iron Ore, Met Coal Buying From China May Soften in Short Term
  • Aluminum to Extend Slump on Moving Averages: Technical Analysis

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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