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