TODAY’S S&P 500 SET-UP – September 24, 2013
As we look at today's setup for the S&P 500, the range is 49 points or 1.22% downside to 1681 and 1.65% upside to 1730.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.36 from 2.37
- VIX closed at 14.31 1 day percent change of 9.07%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:55am: Johnson/Redbook weekly sales
- 9am: S&P/CS Home Price Ix 20 City M/m, July, est. 0.8%
- 9am: S&P/CS Y/y, July, est. 12.4% (prior 12.07%)
- 9am: S&P/CS Home Price Index, July, est. 162.69 (pr 159.54)
- 9am: FHFA House Price Index M/m, July, est 0.8% (prior 0.7%)
- 9:30am: Fed’s Pianalto speaks in Chicago
- 10am: Richmond Fed Manuf Index, Sept., est. 11 (prior 14)
- 10am: Conference Board Consumer Conf Index, Sept., est. 80
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 11:30am: U.S. to sell 4W bills
- 1pm: U.S. to sell $33b 2Y notes
- 1pm: Fed’s George speaks in Chicago
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Obama to speak at UN 9:30am, Clinton Global Initiative 4pm
- Insurance industry executives discuss Medicare funding, expansion of Medicaid, Oct. 1 debut of insurance markets at conf. sponsored by AHIP, 9am
- U.S. Postal Service’s board of governors begin 2-day closed meeting to discuss increasing prices
- Obama enlists Bill Clinton in campaigning for health-care law
WHAT TO WATCH:
- Chrysler files for IPO as Fiat seeks deal to merge cos.
- Financing for Blackberry bid by Fairfax questioned
- Dell said to work w/AlixPartners on post-LBO turnaround
- KKR, Sycamore may bid on Jones Group as soon as this week: NYP
- South Korea fails to choose winner in $7.7b fighter deal
- JPMorgan Chase said to be sued over Libor w/12 other banks
- Telefonica reaches deal to increase stake in Telecom Italia
- NYSE said to plan rule change for voiding U.S. options orders
- Riverstone seeks up to $1.5b in IPO for energy investment
- Danone’s Dumex to release bribery probe results this month
- Anadarko says it didn’t cause spill-related investor losses
- Airlines face carbon-reduction verdict on $708b industry
- Microsoft adopts plan to retain executives during CEO change
- Wal-Mart gender-bias suit class claims dismissed by U.S. judge
- Monte Paschi seen boosting cost-cut goals to meet EU demands
- Sony film marketing chief Weinstock said to exit role
- Spain’s Val said to hire Jefferies to find buyer for Ono stake
- German Sept. business confidence missed ests.
EARNINGS:
- AAR (AIR) 4pm, $0.45
- Ascena Retail Group (ASNA) 4:02pm, $0.21
- CarMax (KMX) 7:35am, $0.57
- Carnival (CCL) 9:15am, $1.29
- Copart (CPRT) Aft-mkt, $0.40 - Preview
- KB Home (KBH) 8:30am, $0.21 - Preview
- Lennar (LEN) 6am, $0.45 - Preview
- Neogen (NEOG) 8:45am, $0.32
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Indonesia Vows to Stick With Tin Trade Policy as Prices Jump
- Palm-Oil Stockpiles Expanding Add to Record Supply: Commodities
- Copper Drops for Third Day on Concern About U.S. Budget Clash
- WTI Crude Drops to Six-Week Low as Global Supply Concern Eases
- Soybeans Advance From One-Month Low as U.S. Shipments Increase
- Gold Falls in London as Investors Weigh Fed, Physical Demand
- China Grabs First-Ever Global Steel Majority: Chart of the Day
- China to Double Gas Use in Five Years to 2015 in Pollution Drive
- Beef Imports by China Seen Surging While U.S. Remains Locked Out
- Rubber Drops Most in Two Months as Crude Oil Prices Fall
- Crude Stockpiles Fall to 18-Month Low in Survey: Energy Markets
- Shippers Poised to Return to Profit as Cargoes Grow 10%: Freight
- Arabica Seen Declining 9% by End of October: Technical Analysis
- Rebar Falls as Li Says China Has Chosen Steady Monetary Policy
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team