THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 19, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 0.96% downside to 1709 and 0.38% upside to 1732.                            

                                                                                                   

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: 2.37 from 2.37
  • VIX  closed at 13.59 1 day percent change of -6.47%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init Jobless Claims, Sept. 14, est. 330k (pr 292k)
  • 8:30am: Current Acct Balance, 2Q, est. -$97b (pr -$106.1b)
  • 9:45am: Bloomberg Eco. Expectations, Sept. (prior -5)
  • 9:45am: Bloomberg Consumer Comfort (prior -32.1)
  • 10am: Leading Economic Indicators, Aug., est. 0.6% (prior 0.6%)
  • 10am: Philly Fed Business Outlook, Sept., est. 10.3 (pr 9.3)
  • 10am: Existing Home Sales, Aug., est. 5.25m (prior 5.39m)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Treasury’s plans for following wk sale, 2Y/5Y/7Y notes
  • 11am: Fed to buy $2.75b-$3.5b notes in 2020-2023 sector
  • 1pm: U.S. to sell $13b 10Y TIPS in reopening

GOVERNMENT:

    • U.S. House Speaker John Boehner, Majority Leader Eric Cantor, Majority Whip Kevin McCarthy, Republican Conf. Head Cathy McMorris Rodgers meet with Facebook CEO Mark Zuckerberg on immigration law
    • Finance ministers from Asia-Pacific Economic Cooperation group in Bali for 2-day summit
    • 9:30am: House Oversight Cmte hears from Thomas Pickering, chairman of Benghazi Accountability Review Board
    • 10am: Senate Homeland Security Cmte hearing on renewing U.S. Postal Service
    • 10am: Sen. Foreign Relations Cmte hears from Caroline Kennedy, nominated to be ambassador to Japan, at confirmation hearing
    • 3:30pm: House Armed Services hearing on lessons of Benghazi

WHAT TO WATCH:

  • JPMorgan said to pay $900m to settle London whale probes
  • CEO doesn’t expect criminal charges for bank, execs: NYPost
  • Wells Fargo eliminating 1,800 more mortgage production jobs
  • Activision’s stock sale blocked by judge over investor vote
  • Tesla CEO says co. to develop practical autopilot for Model S
  • Zuckerberg says undocumented in U.S. treated “unfairly”
  • Obama puts Lockheed, Merck, Pfizer, IBM CEOs on export council
  • Google may stop using cookies to track web users, WSJ says
  • Cisco execs accused in suit of aiding Falun Gong monitoring
  • Harrisburg, Pennsylvania, seeks court approval of debt plan
  • Grand Theft Auto sets $800m 1-day record for video game sales
  • JPMorgan said to underwrite Chrysler IPO, CNBC says
  • East West Bancorp to buy MetroCorp for $273m cash, stock
  • Icahn challenges corporate governance in WSJ opinion piece

EARNINGS:

    • Cintas (CTAS) 4:15pm, $0.63
    • ConAgra Foods (CAG) 7:30am, $0.39
    • IHS (IHS) 6am, $1.17
    • Pier 1 Imports (PIR) 6am, $0.21
    • Rite Aid (RAD) 7am, $(0.04) - Preview
    • TIBCO Software (TIBX) 4:05pm, $0.22

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Wall Street Defends Commodity Trades Against Regulatory Scrutiny
  • Lead Glut Diminishing as Bear Market Shuts Smelters: Commodities
  • Copper Touches Three-Week High as Fed Continues U.S. Stimulus
  • Brent May Target $115 If Resistance Breached: Technical Analysis
  • Soybeans Climb for Second Day as China Buys More U.S. Supplies
  • Sugar, Coffee, Cocoa Advance as Fed Unexpectedly Keeps Stimulus
  • Gold Fluctuates in London After Surging on Fed Stimulus Plans
  • Red Kite Spins Off RK Mine Finance Fund II Under Oskar Lewnowski
  • Commodity Revenue at Top Banks Climbs in Asia as Loans Rise
  • Carbon Trade Seen Losing Globally in Aussie Vote: Energy Markets
  • Cotton Output in Australia to Drop as Drought Curbs Planting
  • Cheese Maker Uses Pig and Cow Poop to Trim U.K. Energy Bills
  • Copper Exchange Stocks-to-Use Ratio at 10-Month Low: BI Chart
  • JPMorgan Leads Banks in Commodities Revenue Followed by Goldman

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

 

 

 

 

 

 

 

 

 

 

 

 


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