• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – September 25, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 0.85% downside to 1683 and 0.39% upside to 1704.                         

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: 2.30 from 2.33
  • VIX closed at 14.08 1 day percent change of -1.61%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Sept. 20 (prior 11.2%)
  • 8:30am: Durable Goods, Aug., est. -0.2% (prior -7.3%)
  • 10am: New Home Sales, Aug., est. 420k (prior 394k)
  • 10am: Household Change in Net Worth, 2Q (prior $3.003T)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 1pm: U.S. to sell $35b 5Y notes
  • 6pm: Fed’s Dudley gives remarks at “Fed at 100” Exhibit

GOVERNMENT:

    • Senate holds cloture vote on continuing resolution to keep government funded as Sen. Ted Cruz, R-Texas, engages in marathon speech against Obamacare
    • 8:45am: Sec. of State John Kerry meets French Foreign Minister Laurent Fabius; 12:40pm: UN Security Council
    • 10:30am: MGM Resorts CEO Jim Murren at media briefing on co.’s plan to develop resort in Prince George’s County, Md.
    • 2pm: Goldman CEO Blankfein at Clinton Global Init. in NYC
    • 2:30pm: Sens. Dianne Feinstein, D-Calif., Chuck Grassley, R-Iowa, attend Senate Caucus on Intl Narcotics Control hearing on dangers of synthetic drugs

WHAT TO WATCH:

  • JPMorgan said in talks to settle U.S. mortgage-bond probe
  • Noble sees splitting in two to focus on deepwater rigs
  • Alibaba IPO talks with Hong Kong said to break down; U.S. listing possible
  • New York Life to buy Dexia Asset Management for $512m
  • ICAP staff may face criminal charges in Libor case, WSJ says
  • Amazon unveils faster, pricier Kindle Fires to take on Apple
  • Federal trial against BofA’s Countrywide unit begins
  • Medical-device makers see EU rules slowing U.S. approvals
  • U.S. probing 16 financial institutions over RMBS, firm says
  • China Beige Book shows slowdown in contrast with data
  • Big banks had $155b Basel capital shortfall at end 2012
  • Royal Caribbean considers Oslo delisting, Finansavisen reports

EARNINGS:

    • AGF Management (AGF/B CN) 8am, $0.13
    • AutoZone (AZO) 7am, $10.34
    • Bed Bath & Beyond (BBBY) 4:15pm, $1.15 - Preview
    • HB Fuller (FUL) Aft-mkt, $0.67
    • Jabil Circuit (JBL) 4:02pm, $0.54
    • Progress Software (PRGS) 4:15pm, $0.24
    • Synnex (SNX) 4:05pm, $0.94
    • Worthington Industries (WOR) 8:30am, $0.58

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Rusal Urges LME to Delay Rule Changes on Warehouse Withdrawals
  • Rattlesnake Frontier Answers Brazil’s Land Shortage: Commodities
  • WTI Crude Snaps Four-Day Loss on Forecast U.S. Stockpiles Shrank
  • Copper Rises Before Report Seen Showing Higher U.S. House Sales
  • Soybeans Climb as Midwest Rains Seen Too Late to Improve Crop
  • Indonesia Seen Avoiding Complete Ore Export Ban to Save Jobs
  • Gold Swings as Investors Weigh Stimulus Against Budget Talks
  • Palm Oil Drops to One-Month Low as Production Boosts Stockpiles
  • U.S. Carmakers’ Aluminum Usage Seen by Novelis Outpacing Europe
  • Chinese Metal Demand Rising or Falling? Data Tell Both Stories
  • Thai Gold Buyer Doubles Imports After Bear Slump: Southeast Asia
  • Paris Wheat Seen Falling on Fibonacci Breach: Technical Analysis
  • Iron Ore Seen Supported by Morgan Stanley as Citi Is Bearish
  • Rubber Declines to One-Week Low as Chinese Demand May Weaken

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