THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 18, 2013


As we look at today's setup for the S&P 500, the range is 34 points or 1.45% downside to 1680 and 0.54% upside to 1714.                                        

                                                                                       

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 2.48
  • VIX  closed at 14.53 1 day percent change of 1.04%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Sept. 13 (prior -13.5%)
  • 8:30am: Housing Starts, Aug., est. 920k (prior 896k)
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC Rate Decision, Sept., est. 0%-0.25% (pr 0%-0.25%)
  • 2:30pm: Fed’s Bernanke holds news conference on FOMC meeting
  • 9:30pm: BoJ’s Kiuchi speech and press conference
  • BoJ’s Kuroda speaks in Tokyo

GOVERNMENT:

    • President Barack Obama speaks to Business Roundtable on economic proposals aimed at job creation
    • Financial Accounting Standards Board, Intl Accounting Standards Board joint public roundtable meeting in London
    • 10am: House Armed Svcs Cmte hears from military heads on 2014 defense budget
    • 10:15am: Energy Sec. Ernest Moniz, EPA Admin. Gina McCarthy testify before House Energy and Commerce Cmte on combatting global warming
    • 2pm: House Ways and Means panel hearing on IRS’s exempt organizations division
    • 2pm: Cary Sherman, CEO of Recording Industry Assn of America; Randall Rothenberg, CEO of Interactive Advertising Bureau, testify before House Judiciary hearing on voluntary agreements in intellectual property

WHAT TO WATCH:

  • JPMorgan said to agree to pay $200m to SEC over London Whale
  • Drop in home loans keeps Fed from tapering MBS purchases
  • Starwood property said to plan deal for Waypoint Management
  • Dow Chemical suspends sale of plastics additives on low bids
  • Sega said to win auction to buy bankrupt game co. Index
  • Electronic Arts elevates sports video unit head to CEO: WSJ
  • Boeing’s larger 787 completes test flight
  • Auto-parts co. Visteon may move to Hong Kong listing: CEO
  • Sharp to raise as much as JPY166b through share sale
  • Apache to sell $112m in Canadian assets in 2 separate deals
  • Dollar Tree takes up $2b share buyback; enters JPM agreements
  • Volkswagen may build small SUV in Tennessee
  • Tesla CEO Musk sees driverless cars road-ready in 3 years: FT
  • Walgreen moves workers to private health care exchange
  • AT&T to expand in Latin America with America Movil: Reuters
  • Pandora wins licensing dispute against songwriters, publishers
  • Blackberry introduces new Z30 handset with 5-inch screen

EARNINGS:

    • Apogee Enterprises (APOG) 4:30pm, $0.25
    • Clarcor (CLC) 6:26pm, $0.66
    • Cracker Barrel Old Country Store (CBRL) 7am, $1.35
    • FedEx (FDX) 7:30am, $1.50 - Preview
    • General Mills (GIS) 6:56am, $0.70 - Preview
    • Herman Miller (MLHR) 4pm, $0.38
    • Manchester United (MANU) 6am, $(0.03)
    • Oracle (ORCL) 4:01pm, $0.56 - Preview
    • Steelcase (SCS) 4:01pm, $0.26

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Declines a Third Day to Six-Week Low Before Fed Statement
  • China’s Choking Cities Means Job Cuts at Steel Town: Commodities
  • WTI Crude Rises for First Time in Four Days Before Fed Decision
  • Copper Climbs Before Federal Reserve Concludes Policy Meeting
  • Corn Rebounds From One-Month Low as U.S. Insurance Claims Rise
  • Coffee Rebounds in London Before Vietnam Crop; Sugar Declines
  • Aluminum Cuts Seen by Wood Mackenzie Too Small to Reduce Glut
  • German Power Premium Most Since ’98 Tests Voters: Energy Markets
  • Rebar Falls to Seven-Week Low as Purchases Slow, Iron Ore Drops
  • U.K. Millers Poised to Buy British as Sun Boosts Wheat Quality
  • Australia Sugar Cane Crop Seen Curbed in 2014 If Drought Spreads
  • Goldman Sees Commodity Consumption Signs of Life Outside China
  • Coffee Supply Gains Spur Bearish Price Outlook: Chart of the Day
  • Iron Ore Seen Extending Slump by UBS as Global Supplies Increase

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