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TODAY’S S&P 500 SET-UP – September 13, 2013


As we look at today's setup for the S&P 500, the range is 37 points or 1.15% downside to 1664 and 1.04% upside to 1701.                        

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: 2.47 from 2.47
  • VIX  VIX closed at 14.29 1 day percent change of 3.40%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: PPI M/m, Aug., est. 0.2% (prior 0.0%)
  • 8:30am: PPI Ex Food and Energy M/m, Aug., est. 0.1%
  • 8:30am: Retail Sales Advance M/m, Aug., est. 0.5%
  • 8:30am: Retail Sales Ex Auto and Gas, Aug., est. 0.3%
  • 9:55am: UMich Confidence, Sept. prelim, est. 82 (prior 82.1)
  • 10am: Business Inventories, July, est. 0.2% (prior 0.0%)
  • 11am: Fed to purchase $3b-$4b in 2019-2020 sector
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Medicare Payment Advisory Commission meets, 9:30am
    • CFTC holds closed meeting on enforcement matters, 10am
    • President Obama holds talks with Emir of Kuwait Sheikh Sabah al-Ahmad al-Jaber Al Sabah; topics to include defense, energy

WHAT TO WATCH:

  • Twitter files IPO w/ SEC; Goldman said to be lead manager
  • Derivatives would face transition fees under Obama proposal
  • Goldman sees risk of gold below $1,000 as U.S. economy gains
  • Vodafone’s $10.2b Kabel Deutschland bid wins shareholder support
  • U.S. House Republicans lack fiscal plan as Oct. 1 deadline nears
  • Dimon boosted JPMorgan compliance as examiners lost trust: WSJ
  • Japan to consider corporate tax cut in stimulus package
  • Obama to name Summers as next Fed chief, Nikkei says, citing unnamed people
  • Europe’s biggest phone cos. brace for AT&T entry into mkt
  • Hoyer says Obama could strike Syria without Congress vote

EARNINGS:

    • No S&P 500 cos. expected to report today

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Goldman Sees Risk of Gold Below $1,000 as U.S. Economy Gains
  • Gold Traders Most Bearish Since June as Syria Eases: Commodities
  • Goldman Lifts Soybean Price Outlook as USDA Downgrades U.S. Crop
  • Soybeans, Corn Steady After USDA Releases U.S. Harvest Outlook
  • Pemex Holds Emergency Response Meeting on Gulf of Mexico Storm
  • Spot Gold Reverses Gain, Slumps to Five-Week Low as Silver Drops
  • Copper Set for Weekly Loss as Investors Prepare for Fed Meeting
  • Indonesia Commodity Exchange Fails to Sell Tin for Second Day
  • Commodity Outlook Is ‘Quite Benign,’ Goldman’s Jeff Currie Says
  • Blythe Masters Shows Resilience as Dimon Lauds ‘Impressive Job’
  • Natural Gas Rises a Second Day on Lower U.S. Stockpile Increase
  • Glencore Agrees to Progress Study of $3 Billion Congo Iron Mine
  • Tropical Depression to Bring ‘Threatening’ Floods to Mexico
  • Record Soybean Crop to Boost India Meal Sales to 6-Year High

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