THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 5, 2013


As we look at today's setup for the S&P 500, the range is 25 points or 0.61% downside to 1643 and 0.90% upside to 1668.                  

SECTOR PERFORMANCE


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THE HEDGEYE DAILY OUTLOOK - 2A

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.45 from 2.43
  • VIX  closed at 15.88 1 day percent change of -4.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England seen maintaining bank rate of 0.5%
  • 7:30am: Challenger Job Cuts Y/y, Aug. (prior 2.3%)
  • 7:30am: RBC Consumer Outlook Index, Sept. (prior 49.4)
  • 7:45am: ECB seen maintaining benchmark rates at 0.5%
  • 8:15am: ADP Employment Change, Aug., est. 180k (prior 200k)
  • 8:30am: ECB’s Draghi holds news conference
  • 8:30am: Nonfarm Productivity, 2Q final, est. 1.6% (pr 0.9%)
  • 8:30am: Init Jobless Claims, Aug. 31, est. 330k (pr 331k)
  • 9am: Fed’s Kocherlakota speaks in La Crosse, Wis.
  • 9:45am: Bloomberg Consumer Comfort, Sept. 1
  • 10am: Factory Orders, July, est. -3.4% (prior 1.5%)
  • 10am: ISM Non-Manufacturing, Aug., est. 55 (prior 56)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: DoE energy inventories
  • 11am: U.S. to announce plans for sale of 3Y notes, 10Y notes, 30Y bonds
  • 1:30pm: Fed’s Fisher speaks in economy in Dallas

GOVERNMENT:

    • G-20 Leaders Summit begins in St. Petersburg, Russia
    • 2pm: Members of Congress receive classfied briefing on Syria

WHAT TO WATCH:

  • Microsoft wins jury trial over Google patent licensing tactics
  • Aug. U.S. Retail Sales Seen Hurt by Delayed School Shopping
  • SKF to buy Kaydon for $1.25b to expand U.S. business
  • Mail.ru sells rest of its Facebook stake for $525m
  • Sprint raises $6.5b in biggest junk sale since 2008
  • Otsuka Holdings offers to buy Astex for up to $886m
  • Fed’s Kocherlakota says U.S. economy needs more accommodation
  • LinkedIn boosts offering to $1.2b after share rally
  • Liberty Media’s Malone said to plan for succession: NY Post
  • G-20 draft calls for more job training, infrastructure spending
  • Dominion bids $1.6m for offshore Virginia wind project
  • Nasdaq, SIP outline proposed actions after Aug. 22 glitch
  • Kuroda says Japan can roll out stimulus if needed after tax rise
  • Samsung $299 Galaxy Gear tests consumer smartwatch demand
  • Focus Media owners seek up to $500m dividend recap: Reuters

 EARNINGS:

    • Conn’s (CONN) 7am, $0.60
    • Cooper Cos (COO) 4:01pm, $1.72
    • Finisar (FNSR) 4pm, $0.31
    • Infoblox (BLOX) 4:05pm, $0.09
    • Jos A Bank Clothiers (JOSB) 6am, $0.52
    • Quiksilver (ZQK) 4pm, $0.04
    • Smith & Wesson (SWHC) 4:05pm, $0.36
    • VeriFone Systems (PAY) 4:01pm, $0.20

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Rises From One-Week Low as Senate Panel Backs Syria Strike
  • Steel Rallying With Chinese Builders Beating Mills: Commodities
  • Tin Heads for Four-Month High on Concern About Limited Supply
  • Sugar Surplus Shrinks on Quickening Demand in China to Indonesia
  • Rubber Advances on Thai Farmer Protests, U.S. Car Sales Gains
  • Rebar Futures Drop to Lowest in a Month as Premium Lures Sellers
  • Palm Oil Climbs as Crude-Price Gain Increases Appeal of Biofuel
  • Gold Rises as Investors Seek Haven Amid Syrian Strike Debate
  • Gold Imports to China From Hong Kong Climb on Physical Demand
  • Libya Propels Sweet African Oil Toward 2011 High: Energy Markets
  • Oil Puts at 18-Month Low as U.S. Prepares Syria Strike: Options
  • Iron Ore Supply of Up to 830 Million Tons May Be Added by 2020
  • Asia Fuel Oil Viscosity Spread at Two-Month High: Oil Products
  • World Food Prices Fell Fourth Month in August on Cheaper Grains

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team