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