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TODAY’S S&P 500 SET-UP – September 17, 2013


As we look at today's setup for the S&P 500, the range is 34 points or 1.33% downside to 1675 and 0.67% upside to 1709.   

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: 2.45 from 2.48
  • VIX  closed at 14.38 1 day percent change of 1.55%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 8:30am: CPI M/m, Aug., est. 0.2% (prior 0.2%)
  • 8:30am: CPI Ex Food/Energy M/m, Aug., est. 0.2% (pr 0.2%)
  • 9am: Total Net TIC Flows, July (prior -$19b)
  • 9am: Net Long-term TIC Flows, July, est. -$15b
  • 10am: NAHB Housing Mkt Index, Sept., est. 59 (prior 59)
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 11:30am: U.S. to sell 4W bills, $22b 52W bills
  • FOMC Meeting starts, preview

GOVERNMENT:

    • CBO releases long-term federal budget outlook. 10am; CBO Director Douglas Elmendorf holds briefing, 11am
    • SEC Advisory Committee on Small and Emerging Companies meets to discuss rules including recently adopted measure lifting ban on general solicitation in private offerings mandated by the Jumpstart Our Business Startups Act, 9:30am

WHAT TO WATCH:

  • Yellen said to top Obama’s Fed list post-Summers’s withdrawal
  • Kerry says U.S. isn’t wavering on goal of ending Assad’s rule
  • GM said to be working on electric car to rival Tesla: WSJ
  • Take-Two’s Grand Theft Auto V to generate $1b in one month
  • Barrick Gold investors seek Munk ouster, board changes: WSJ
  • Brazil may require Google, Facebook to store data locally
  • Penthouse owner FriendFinder files for bankruptcy protection
  • UBS’s $120m Lehman investor settlement wins approval
  • U.K. sees $95m profit on first Lloyds stake sale
  • Philips sets 2016 targets, EU1.5b share buyback
  • Ex-JPMorgan employees indicted over $6.2b derivative loss
  • German ZEW investor sentiment beats est., gains for 2nd month
  • Navy Yard shooter said to be Buddhist with anger-fueled past

EARNINGS:

    • Adobe Systems (ADBE) 4:02pm, $0.34
    • FactSet Research Systems (FDS) 7am, $1.19
    • Tower Group International (TWGP) 4:07pm, $(0.82)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Falls as Syria Risk Wanes While Libya Output Recovers
  • Milk Rally Reversing as New Zealand Drought Recedes: Commodities
  • Festival Demand for Gold in India Seen Hurt by Slowing Economy
  • Copper Steady as Investors Weigh U.S. Tapering Against Growth
  • Soybeans Resume Rally on the Chicago Board of Trade
  • Cocoa Drops on Speculation Investors May Sell; Coffee Retreats
  • Wheat Seen by Australia Extending Slump as Production Climbs
  • Rebar Trades Near Six-Week Low as China Steel Output Gains
  • Natural Gas Futures Gain a Fourth Day on Stockpile Speculation
  • Smallest Ships Profitable Again as Logs Feed China Boom: Freight
  • Cocoa Supplies Seen in Shortage by Macquarie in Next Two Seasons
  • New Copper Mine Supply Expansion Eases Tightness: Bear Case
  • Crude Supplies Drop to One-Year Low in Survey: Energy Markets
  • Japan Warned U.S. of Blackouts in Appeal for LNG Supply: Energy

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