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