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