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TODAY’S S&P 500 SET-UP – September 27, 2013


As we look at today's setup for the S&P 500, the range is 21 points or 0.86% downside to 1684 and 0.37% upside to 1705.            

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: 2.29 from 2.31
  • VIX closed at 14.06 1 day percent change of 0.36%

MACRO DATA POINTS (Bloomberg Estimates):

  • 5:45am: Fed’s Evans speaks in Oslo
  • 8:30am: Personal Income, Aug., est. 0.4% (prior 0.1%)
  • 8:30am: Personal Spending, Aug., est. 0.3% (prior 0.1%)
  • 8:30am: Fed’s Rosengren speaks in New York
  • 9:55am: U Mich. confidence, Sept. final, est. 78 (prior 76.8)
  • 10:15am: Fed’s Evans speaks on panel in Oslo
  • 11am: Fed to purchase $4.75b-$5.75b in 2018-2019 sector
  • 1pm: Baker Hughes rig count
  • 2pm: Fed’s Dudley speaks in Syracuse, N.Y.

 GOVERNMENT:

    • House, Senate in session; weekend session possible to avoid govt shutdown on Oct. 1
    • President Obama meets Indian Prime Minister Manmohan Singh at White House
    • 1:05pm: Attorney Gen. Eric Holder, HUD Sec. Shaun Donovan, National Economic Council Dir. Gene Sperling, Gov. Rick Snyder, R-Mich., Detroit Mayor Dave Bing hold press conf. after roundtable discussion on revitalization of Detroit

WHAT TO WATCH:

  • J.C. Penney to sell 84m shares to fund turnaround
  • J.C. Penney says CEO Ullman misquoted on capital raise
  • Boehner plan to tackle debt limit stalls amid shutdown standoff
  • Nike 1Q profit beats ests. as sales climb in North America
  • KKR to buy Panasonic health care business for $1.67b
  • JPMorgan urged to pay more in mortgage settlement: NYT
  • Intel said to seek Web-TV service partner after strategy shift
  • Wal-Mart supplier Li & Fung says no order cutbacks in U.S.
  • Oracle CFO says cloud computing will lift operating margins
  • Mylan, Agila must divest 11 generics for FTC deal approval
  • Euro-Area Sept. economic confidence rises more than forecast
  • Japan inflation accelerates to fastest since 2008 on energy
  • Takeda failed to properly warn about Actos risks, jury rules
  • Thompson says Microsoft CEO search independent of Gates: WSJ
  • U.S. Shutdown, Jobs, Bernanke, ECB: Wk Ahead Sept. 28-Oct.5

 EARNINGS:

    • Blackberry (BBRY) 7am, prelim. 2Q loss/shr 47c-51c
    • Finish Line (FINL) 7:05am, $0.45
    • Vail Resorts (MTN) 7:15am, $(1.71)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Timah Sees Tin Trade at Two-Year Low on New Rule: Southeast Asia
  • Gold Bulls Dominate on Debt Talks as Stimulus Held: Commodities
  • WTI Set for Third Weekly Loss as UN Nears Vote on Syrian Weapons
  • Copper Climbs for Third Day as China’s Industrial Profits Rise
  • Soybeans Rise as Export Sales Indicate Demand for U.S. Supplies
  • Sugar Seen Extending Rally by Czarnikow as Demand Cuts Glut
  • Cocoa Gains as Demand Compensates for Ivorian Sales; Sugar Falls
  • Base Metals Prices May Surge 35% by 2016, Supporting Miners
  • Gold Advances 0.5% to $1,330.89 an Ounce in London Trading
  • Nuclear Shutdowns’ Two-Year Low to Cap Fuel Cost: Energy Markets
  • U.S. Hog Herd Shrinks for First Time in 3 Years as Virus Spread
  • Norilsk Sees Nickel Surplus Shrinking Next Year on Idled Plants
  • Shipping Bear Says Sell Now as Glut to Endure: Chart of the Day
  • China’s Feed Mills to Import U.S. Sorghum as Corn Quotas Run Out

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