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