THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 16, 2013


As we look at today's setup for the S&P 500, the range is 35 points or 1.13% downside to 1669 and 0.95% upside to 1704.                      

SECTOR PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.43 from 2.45
  • VIX  closed at 14.16 1 day percent change of -0.91%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, Sept., est. 9 (prior 8.24)
  • 9:15am: Industrial Prod. M/m, Aug., est. 0.5% (prior 0.0%)
  • 9:15am: Capacity Util., Aug., est. 77.9% (prior 77.6%)
  • 9:15am: Manuf. Production, Aug., est. 0.5% (prior -0.1%)
  • 11am: Fed to purchase $750m-$1b in 2024-2031 sector
  • 11:30am: U.S. to sell $30b 3M, $25b 6M bills
  • 4pm: USDA crop-conditions report

GOVERNMENT:

    • UN inspectors who investigated evidence that chemical weapons were used in Syria may release initial findings as soon as today
    • House, Senate in session
    • Financial Accounting Standards Board, International Accounting Standards Board holds joint public roundtable meeting in London on revised exposure drafts on leases

WHAT TO WATCH:

  • Summers withdraws from consideration for Fed chairmanship
  • Pimco says S-T debt to benefit as Summers withdraws
  • Hurricane Ingrid nears Mexico; Manuel weakens to depression
  • Westfield sells 7 U.S. malls to Starwood for $1.6b
  • China Telecom cuts subsidy on new Apple iPhones: analysts
  • Kerry seeks to build support for Syria chemical arms plan
  • Danske Bank CEO Kolding resigns; replaced by Borgen
  • Air France to give up use of Boeing 747s by 2016 due to cost: Echos
  • Repsol in talks w/ Qatar, Sinopec, Temasek on Gas Natural sale: Confidencial
  • Repsol said to seek N. American oil co. acquisition: WSJ
  • KPN agrees to $4.9b tax book loss on German unit sale
  • “Insidious: Chapter 2” beats De Niro to top wknd sales
  • Saudi Prince Alwaleed to hold Twitter stake after IPO: Reuters

EARNINGS:

    • Cvent (CVT) Post-mkt, $0.05

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Falls to Four-Week Low as Syria Talks Seen Averting Strike
  • Gold Bulls Cut Wagers as Goldman Sees More Losses: Commodities
  • Soybeans Drop as Rain Seen Stabilizing Midwest Crop Conditions
  • Gold Declines in London as Haven Demand Subsides on Syria
  • Sugar Output Estimate in India Increased 5.5% on Monsoon Rains
  • Copper Pares Advance in London, Trades Up 0.1% at $7,047 a Ton
  • Rebar Futures Decline to Six-Week Low as Mills Increase Output
  • Montepeque of Platts Caught in Battle Over Oil Assessments
  • Gold ETF Holdings Return to Lowest Levels Since 2010: BI Chart
  • Hedge Funds Cut Bullish Oil Bets on Syria Talks: Energy Markets
  • Hurricane Ingrid Nears Mexico as Manuel Dissipates Over Land
  • JSE May End Travel-Cost Fee for Biggest S. Africa Wheat Area
  • India Cuts Benchmark Import Price of Gold to $432 Per 10 Grams
  • Sugar Drops as Investors May Sell on India Outlook; Cocoa Rises

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team