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TODAY’S S&P 500 SET-UP – September 10, 2013


As we look at today's setup for the S&P 500, the range is 20 points or 0.82% downside to 1658 and 0.38% upside to 1678.                           

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: 2.49 from 2.47
  • VIX  closed at 15.63 1 day percent change of -1.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business Optimism, Aug., est. 95
  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales 8:55am
  • 10am: JOLTs Job Openings, July (prior 3.936m)
  • 11am: Fed to buy $1b-$1.5b TIPS in 2018-2043 sector
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $31b 3Y notes
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • President Obama to address nation on need for military intervention in Syria, 9pm
    • New York City holds mayoral primary elections; General Election is Nov. 5
    • House, Senate in session
    • House Armed Svcs Cmte hears from Sec. of State John Kerry. Defense Sec. Chuck Hagel, Joint Chiefs of Staff Chairman Martin Dempsey on proposed use of forces in Syria, 10am
    • U.S. Financial Stability Oversight Council holds closed session at U.S. Treasury
    • House Oversight Committee hears from CFTC Chairman Gary Gensler and former EPA Administrator Lisa Jackson on preventing violations of federal transparency laws, 9am
    • Executives from CenturyLink, DISH, American Cable Assn and National Assn of Broadcasters testify for House Judiciary panel on satellite TV laws, 10am

WHAT TO WATCH:

  • Apple event may focus on iPhone 5C price, new carriers
  • China industrial growth accelerates to 17-mos. high
  • Retail sales up 13.4% vs est. 13.3%; auto sales gain most in 4 mos.
  • China new credit rises more than forecast to 4-mth high
  • Russia bid to get Syria to surrender chemical weapons shifts debate
  • McDonald’s Aug. comps. growth may have slowed m/m
  • Twitter to buy mobile advertising exchange MoPub
  • BofA cuts jobs amid mortgage refinance slump
  • Time Inc. said to be in talks to buy American Express publishing arm
  • Abe ally says failure to raise sales tax may cause Japan selloff
  • Putin’s judo partner may buy Uralkali stake: Kommersant
  • Novartis CEO Jimenez says no decision on Roche stake: JPMorgan
  • Glencore raises Xstrata merger synergies est. to $2b for 2014
  • Thor offers $1.4b for Empire State Building’s title

EARNINGS:

    • Oxford Industries (OXM) 4pm, $0.98
    • Pep Boys (PBY) 4:30pm, $0.19
    • Restoration Hardware (RH) 4:06pm, $0.42
    • Triangle Petroleum (TPLM) Pre-mkt, $0.14

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Falls a Second Day as Obama Seeks Syrian Weapons Surrender        
  • Fastest Wheat Sales in Six Years Diminish Inventory: Commodities
  • Tin Exports From Indonesia Seen Down to Seven-Year Low by Timah
  • Gold Declines in London on Russia’s Syria Proposal; Silver Falls
  • Soybeans Drop for Second Day as Midwest Rain May Boost Harvest
  • Sugar Advances a Fourth Day Before Options Expiry; Cocoa Slides
  • Copper Erases Decline in London, Advances 0.1% to $7,203 a Ton
  • Rebar Falls From One-Week High as Steel Mills Boost Production
  • Mutant Wheat Resistant to Killer Ug99 Fungus Seen Lifting Yields
  • Crude Stockpiles Fall to One-Year Low in Survey: Energy Markets
  • Gold’s War History Showing Short-Lived Premium: Chart of the Day
  • Shipping Rates Seen at 2010 High on Record Ore to China: Freight
  • Taxpayer $14 Billion to Crop Insurers Some Call Money Laundering
  • Australia Cuts Wheat Outlook on Dry Weather, Exports to Drop

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