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