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TODAY’S S&P 500 SET-UP – September 23, 2013


As we look at today's setup for the S&P 500, the range is 30 points or 0.58% downside to 1700 and 1.17% upside to 1730.                                

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: 2.40 from 2.40
  • VIX  closed at 13.12 1 day percent change of -0.30%

MACRO DATA POINTS (Bloomberg Estimates): 

  • 6am: ECB’s Draghi speaks in Brussels
  • 8:30am: Chicago Fed Natl Act. Index, Aug, est. -0.05
  • 8:58am: Markit US PMI Preliminary, Sept, est. 54.0
  • 9:20am: Fed’s Lockhart speaks in New York
  • 9:30am: Fed’s Dudley speaks in New York
  • 11am: Fed to purchase $3b-$4b in 2019-2020 sector
  • 11:30am: U.S. to sell $30b 3M, $25b 6M bills
  • 1:30pm: Fed’s Fisher speaks in San Antonio

GOVERNMENT:

    • President Obama travels to N.Y. for UN General Assembly
    • House meets in pro forma session, no votes expected
    • ITC Judge Pender releases findings in Nokia’s patent-infringement claims against HTC over smartphones
    • China’s Bo Xilai gets life in jail as party completes purge

WHAT TO WATCH:

  • IPhone weekend sales split analysts as supply may be constraint
  • Oracle to offer faster databases to revive revenue growth
  • Ex-CEO Lazaridis in talks over possible BlackBerry buyout: WSJ
  • Citigroup seen reporting >10% revenue decline: FT
  • Merkel gets biggest German victory since Kohl’s 1990 win
  • China manufacturing gauge rises to highest in 6 mos.
  • Google seeks ruling copying books without permission is fair
  • EBay’s PayPal said near deal to buy Braintree Payments: WSJ
  • U.S. gasoline tumbles to 8-mo. low in Lundberg survey
  • Sept. Euro-area services, manufacturing growth strengthened
  • Warner Bros.’ “Prisoners” is top U.S./Canada film in wknd
  • Holiday retail sales may rise 4.5% as home prices, jobs gain
  • Goldman restructures bond trading platform, FT says
  • Hong Kong delayed stock mkt opening today on Typhoon Usagi

EARNINGS:

    • Red Hat (RHT) 4:05pm, $0.33

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Seen Dropping by Citigroup, Morgan Stanley on Fed Taper
  • Hedge Funds Reduced Bullish Gold Bets Before Rally: Commodities
  • WTI Fluctuates as China Expansion Counters Syria Strike Impasse
  • Copper Falls a Second Day on Concern About U.S. Economic Outlook
  • Gold Falls as Investors Weigh Outlook for Reduced U.S. Stimulus
  • Soybeans Trade Near One-Month Low as U.S. Crop Prospects Improve
  • Rebar Rises Most in Two Weeks as Manufacturing Gauge Advances
  • Shipping Lenders Toughen Oversight After Worst Rout in 23 Years
  • Palm Oil Gains as Prices at Five-Week Low Spur Buying Interest
  • Gas Bulls Add Bets a Fifth Week as Surplus Drops: Energy Markets
  • Commodities to Extend Loss on Moving Average: Technical Analysis
  • Asia Fuel Oil in Backwardation for a Second Day: Oil Products
  • Thai Farmers Hooked on Subsidies Test Yingluck: Southeast Asia
  • China Refined Copper Demand Hit Record High in July: BI Chart

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 - 9A

The Hedgeye Macro Team