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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
