THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 26, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 0.58% downside to 1683 and 0.66% upside to 1704.                                         

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.30 from 2.29
  • VIX closed at 14.01 1 day percent change of -0.50%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init. Jobless Claims, Sept. 21, est. 325k (pr 309k)
  • 8:30am: GDP Annualized Q/q, 2Q revised, est. 2.6% (pr 2.5%)
  • 9:30am: Reserve Bank of India’s Rajan speaks in Frankfurt
  • 9:45am: Bloomberg Consumer Comfort, Sept. 22
  • 10am: Pending Home Sales M/m, Aug., est. -1% (pr -1.3%)
  • 10am: Freddie Mac mortgage rates
  • 10:10am: Fed’s Stein speaks in Frankfurt
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manufacturing, Sept., est. 8 (pr 8)
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
  • 12:15pm: Fed’s Kocherlakota speaks in Houghton, Mich.
  • 12:35pm: Fed’s Pianalto speaks in Cleveland
  • 1pm: U.S. to sell $29b 7Y notes
  • 6:15pm: ECB’s Coeure speaks in New York
  • 9:15pm: Fed’s George speaks in Denver

GOVERNMENT:

    • Canadian Minister of Intl Trade Ed Fast meets with Sec. of Commerce Penny Pritzker, U.S. Trade Representative Michael Froman to discuss job creation and trade
    • 8:30am: Atty General Eric Holder delivers remarks at Justice Dept’s Summit on Preventing Youth Violence
    • 10am: Senate Homeland Security Cmte hears testimony on overhauling U.S. Postal Service
    • 10am: Senate Commerce Cmte hears from airline industry, manufacturers on jobs
    • 10am: House Budget Cmte meets on long-term budget outlook
    • 10:55am: President Obama to speak on Affordable Care Act at Prince George’s Community College
    • 2pm: Senate (Select) Intelligence Cmte holds hearing on FISA

WHAT TO WATCH:

  • JPMorgan said to see possible $11b mortgages settlement
  • Citigroup to pay Freddie Mac $395m to end mortgage claims
  • Lacker says expanding Fed assets increases costs of any missteps
  • U.K. prosecutors said to plan more Libor charges in Oct.
  • NYSE, Nasdaq said to weigh plan to collaborate on backups
  • Deutsche Bank said to propose creating bond platform w/ rivals
  • Icahn-backed Ferrous hires Itau to seek $1.5b in funding
  • J.C. Penney seeks to raise $750m-$1b in new equity: Reuters
  • U.S. data providers hit with cyber attack: Reuters
  • Caesars selling 10m shrs in fresh public offering
  • Takeda duped patients, doctors on Actos risks, lawyer says
  • U.K. eco. growth accelerates in 2Q as consumer spending rises
  • H&M gains most in more than 3 yrs after beating estimates
  • Fed monetary policy didn’t leak early, firm’s study finds: FT
  • Apple ordered to pay 330m yen in Japan on iPod patent: Kyodo
  • Cargill, Bunge study bids for Deoleo, Economista says

EARNINGS:

    • Accenture (ACN) 4:01pm, $1.01
    • Cantel Medical (CMN) 8:30am, $0.23
    • Ferrellgas Partners (FGP) 7am, $(0.31)
    • McCormick (MKC) 6:30am, $0.79
    • Nike (NKE) 4:15pm, $0.78

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodity Constraints Show ‘Super Cycle’ Endures, McKinsey Says
  • U.S. Corn Sales Fall Most Since ’75 as Farmers Reap: Commodities
  • WTI Trades Near 12-Week Low; BofA Sees Iran Diplomacy Limited
  • Wheat Near One-Month High as U.S. Sales, China Demand May Climb
  • Copper Climbs Before Report Seen Showing Stronger U.S. Growth
  • Gold Advances for Third Day in London on U.S. Budget Impasse
  • Cocoa Swings as Ivory Coast Sells Amid Shortages; Coffee Drops
  • Abenomics Peaking for Tocom Volume Means Focus on China, India
  • Rebar Declines to 11-Week Low as China Affirms Property Curbs
  • China Cotton Use Drops in Switch to Synthetics: Chart of the Day
  • China Silver Indicators Lackluster as PC Manufacturing Down 14%
  • Russian Gas Lowest Since 2011 Favors Link to Oil: Energy Markets
  • Aluminum Shipments by Japan Steady in August, Group Says
  • Ivory Coast Offers Cocoa for 2014-15 in a Futures Bull Market

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team