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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

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

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

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 - 9

The Hedgeye Macro Team