TODAY’S S&P 500 SET-UP – September 12, 2013
As we look at today's setup for the S&P 500, the range is 33 points or 1.61% downside to 1662 and 0.35% upside to 1695.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.45 from 2.47
- VIX closed at 13.82 1 day percent change of -4.89%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Initial Jobless Claims, Sept. 7, est. 330k
- 8:30am: Cont. Claims, Aug. 31, est. 2.968m (prior 2.95m)
- 8:30am: Import Price Index M/m, Aug., est. 0.5% (prior 0.2%)
- 8:45am: Bloomberg Sept. U.S. Economic Survey
- 9am: Fed’s Dudley speaks on panel on OTC derivatives
- 9:45am: Bloomberg Consumer Comfort, Sept. 8
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
- 12pm: Wasde agricultural report
- 1pm: U.S. to sell $13b 30Y bonds in re-opening
- 2pm: Monthly Budget Statement, Aug., est. -$147b
GOVERNMENT:
- Sec. of State John Kerry meets with Russian Foreign Minister Sergei Lavrov in Geneva to discuss Syria
- SEC holds private meeting with heads of exchanges, other self-regulatory organizations to discuss market-data dissemination systems, 3-hour trading halt on Aug. 22
- CFTC holds meeting of technology advisory cmte that may discuss concept release for regulating high-speed trading, issues related to swaps trading and record-keeping; approval would trigger a public-comment period, 10am
- Medicare Payment Advisory Commission begins 2-day mtg, 9:30am
- House, Senate in session
- Senate Banking Cmte hears from SunTrust Mortgage CEO Jerome Lienhard on housing finance revisions, 10am
WHAT TO WATCH:
- Michael Dell, Silver Lake poised to clinch $24.9b buyout
- SEC’s White to push exchange execs for better data backups
- Umpqua to buy Sterling Financial for about $30.52/shr
- Vertex, Ametek to replace AMD, SAIC in S&P 500 on Sept. 20
- Qualcomm plans $5b share buyback to placate investors
- Gabrielle weakens to tropical depression, Humberto moves north
- Indonesia unexpectedly raises key rate to stem currency slide
- Putin appeals to U.S. public before Kerry-Lavrov Syria talks
- Italy industrial output unexpectedly falls as slump persists
- Euro-area industrial output drops more than estimated
- Josef Ackermann said to plan resignation from Siemens board
EARNINGS:
- Analogic (ALOG) 4:15pm, $1.35
- Brady (BRC) 8am, $0.52
- BRP (DOO CN) 6am, C$0.05
- Empire (EMP/A CN) 7:03am, C$1.55
- Hudson’s Bay (HBC CN) 7am, C$0.12
- Kroger (KR) 8:30am, $0.60
- Lululemon Athletica (LULU) 7:15am, $0.35
- Transcontinental (TCL/A CN) 8:52am, C$0.38
- Ulta Salon (ULTA) 4pm, $0.67
- United Natural Foods (UNFI) 4:05pm, $0.60
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Goldman Sees Commodity Demand in China Rebounding to December
- Deere Lures Africa’s First-Time Buyers of Tractors: Commodities
- Gold Sinks to Four-Week Low as Silver Declines on Taper Bets
- Copper Reaches One-Week Low on Concern About Outlook for Demand
- Cocoa Falls in New York on Prospects Rain Will Benefit New Crops
- Soybeans Climb for Second Day as USDA Seen Cutting Crop Outlook
- Mistry Sees Palm Weakening as Prices Set for Worst Run Since ’96
- IEA Sees Less Need for OPEC Crude in 2014 as U.S. Supply Booms
- Rebar Drops to Five-Week Low as Property Curbs Weaken Outlook
- Cocoa Shortage Expanding as Chocolate Sales Climb to Record
- Vietnam’s Rice Output Faces Slide on Crop Switch: Southeast Asia
- Polar Sea Lane Finds Favor as Suez Security Doubts Grow: Freight
- Gold May Fall to $1,270 on Head and Shoulder: Technical Analysis
- Tropical Depression Gabrielle Keeps Speed, Humberto Moves North
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team