THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 20, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 0.77% downside to 1709 and 0.44% upside to 1730.                                       

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.42 from 2.42
  • VIX  closed at 13.16 1 day percent change of -3.16%

MACRO DATA POINTS (Bloomberg Estimates):

  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 12:30pm: Fed’s George speaks on economy in New York
  • 12:40pm: Fed’s Tarullo speaks on regulation in New Haven
  • 12:55pm: Fed’s Bullard speaks on economy, monetary policy
  • 1:45pm: Fed’s Kocherlakota speaks in New York
  • 1pm: Baker Hughes rig count

GOVERNMENT:

  • House Republicans to vote on spending measure to keep govt funded for 2 1/2 months after Sept. 30 while cutting finances for Obama’s health-insurance overhaul plan
  • 9am: Congressional Black Caucus legislative conference, with speakers incl. Reps. Donna Edwards, D-Md.; John Conyers, Jr., D-Mich., Rev. Al Sharpton
  • 10am: Ron Paul, Reps. Thomas Massie, R-Ky.; Steve Stockman, R-Texas, address Campaign for Liberty’s Political Action Conf.
  • 1:45pm: President Obama speaks in Kansas City, Mo., on progress made since financial crisis 5 yrs ago

WHAT TO WATCH:

    • Google said to mull anonymous identifiers to replace cookies
    • Advertisers voice concerns on replacement of cookies: WSJ
    • CFTC sought admission of wrongdoing, fine of $100m, NYT says
    • Warren says JPMorgan admission may deter future wrongdoing
    • JPMorgan backs withdrawal limits for money-market funds
    • Auto co. lending practices probed for bias by U.S. agencies
    • European Medicines Agency monthly announcements expected ~7am
    • NYSE holding conf. call at close; expects increased activity
    • California online health exchange seen ready for Oct. start
    • Alabama Power must face U.S. coal plant suit: Appeals Court
    • RSA warns customers not to use product that has NSA flaw: WSJ
    • U.S. revives clean energy loan gurantee program, NYT says
    • AMR-US Airways merger risk seen ebbing as LCC shares rally
    • Empire State Bldg. REIT seeks more than $1b in IPO
    • Icahn says stocks, real estate overvalued by Fed’s practices
    • German Election, U.S. Budget, Syria, UN: Wk Ahead Sept. 21-28

EARNINGS:

  • Darden Restaurants (DRI) 7am, $0.70

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Cuts Weekly Advance on Slowing Physical Demand, U.S. Data
  • Gold Traders Most Bullish in Three Weeks After Fed: Commodities
  • Copper Heads for Biggest Weekly Rally in a Year After Fed
  • Palm Imports by India May Rise to Record on Oilseed Shortage
  • Onion Shortage Seen Worsening in India as Rain Delays Crop
  • Soybeans Drop to Four-Week Low as U.S. Crops Seen Evading Damage
  • Palm Oil Futures Post Second Weekly Drop as Ringgit Strengthens
  • WTI Set for Second Weekly Loss on Libya Restart; Brent Advances
  • NGLs Rebound as Shale Boom Spurs Record Exports: Energy Markets
  • Freeport Expansions to Boost Copper Sales by 1b Pounds, CEO Says
  • Rubber Pares Weekly Rally as Crude Oil’s Decline Cuts Appeal
  • Stanchart Sees Higher Commodity Prices Into 2014 on Recovery
  • Gold Meeting Breaks Mold as More Investors Seek Value in Miners
  • Copper Heads for Biggest Weekly Advance in a Year: LME Preview
  • Glencore Selling Bonds in Europe Amid Best Returns in Ten Weeks

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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