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TODAY’S S&P 500 SET-UP – September 4, 2013


As we look at today's setup for the S&P 500, the range is 28 points or 0.60% downside to 1630 and 1.11% upside to 1658.                             

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: 2.44 from 2.44
  • VIX  closed at 16.61 1 day percent change of -2.35%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Aug. 30 (prior -2.5%)
  • 7:45am: ICSC/Goldman Sachs weekly retail sales
  • 8:30am: Trade Balance, July, est. -$38.7b (prior -$34.2b)
  • 8:55am: Johnson Redbook weekly retail sales
  • 9:45am: ISM New York, Aug. (prior 67.8)
  • 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
  • 11:30am: U.S. to sell 4W bills
  • 12:30pm: Fed’s Williams to speak on monetary policy
  • 2pm: Federal Reserve releases beige book
  • 8pm: Fed’s Kocherlakota speaks at town hall forum

GOVERNMENT:

    • President Obama meets with Swedish Prime Minister Fredrik Reinfeldt in Stockholm
    • Noon: House Foreign Affairs Cmte hears from Sec. of State John Kerry, Sec. of Defense Chuck Hagel, Joint Chiefs Chairman Gen. Martin Dempsey on Obama’s response to Syria conflict
    • Noon: Former President Bill Clinton speaks on health care policy, Affordable Care Act
    • 1:30pm: Vice President Biden swears Thomas Perez in as 26th Labor Secretary

WHAT TO WATCH:

  • Aug. Auto Sales: Fleet sales now are profit-maker
  • LinkedIn plans $1b share sale, may use proceeds for M&A
  • Senate panel to vote on approving limited U.S. strikes on Syria
  • Putin demands proof of Assad attack to back strikes on Syria
  • Sprint seeks early U.S. airwaves auction as rivals urge delays
  • BofA sees $750m pretax gain from China Construction stake
  • Burkle demands sale of Morgans Hotel after CEO quits
  • Bear Stearns wins dismissal of Bank of America’s CDO lawsuit
  • Best Buy loses flat panel price-fixing trial against Toshiba
  • Euro-area exports drive economic rebound after record recession
  • Australia 2Q GDP beats ests., unexpectedly accelerates
  • U.K. services growth accelerates to fastest pace since 2006
  • Billionaire Packer buys 9.4% of Zillow as U.S. housing rises
  • KKR, Permira selling ProSiebenSat.1 stake worth $1b

EARNINGS:

    • Bazaarvoice (BV) 4:05pm, $(0.07)
    • Ciena (CIEN) 7am, $0.16
    • Dollar General (DG) 7am, $0.74
    • Francesca’s (FRAN) 4:01pm, $0.35
    • Greif (GEF) 4:16pm, $0.91
    • Navistar Intl (NAV) Bef-mkt, $(1.30) - Preview
    • SAIC (SAI) 4:05pm, $0.21
    • Verint Systems (VRNT) 4:05pm, $0.52

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Slumps Most in Five Weeks on Concern Stimulus Will Slow
  • Rio to BHP Invest $244 Billion as Glasenberg Warns: Commodities
  • Soybeans Decline in Chicago Following Biggest Advance in a Week
  • WTI Crude Futures Decline as U.S. Weighs Intervention in Syria
  • Iron Ore Shipments From Port Hedland Increase as China Buys More
  • Gold Drops on Speculation Fed Will Slow Stimulus; Silver Falls
  • Baltic Dry Index Rises to 21-Month High on Iron Ore, Grains
  • Nickel Pig Iron Production in China Seen Jumping as Costs Tumble
  • Robusta Falls as Vietnam Harvest May Start Early; Sugar Declines
  • Indian Banks, Traders May Resume Gold Imports Immediately
  • Platinum 200-Day Moving Trend Shows 11% Jump: Technical Analysis
  • West Australian Grain-Crop Estimate Raised by CBH After Rain
  • Crude Supplies Drop in Survey on Driving Demand: Energy Markets
  • Natural Gas Extends Gains on Concern Storms May Curb U.S. Output

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