TODAY’S S&P 500 SET-UP – September 30, 2013
As we look at today's setup for the S&P 500, the range is 34 points or 1.23% downside to 1671 and 0.78% upside to 1705.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.28 from 2.29
- VIX closed at 15.46 1 day percent change of 9.96%
MACRO DATA POINTS (Bloomberg Estimates):
- 9am: ISM Milwaukee, Sept. (prior 48.21)
- 9:45am: Chicago Purchasing Mgrs, Sept., est. 54.3 (prior 53)
- 10:30am: Dallas Fed Manufacturing Activity, Sept. (prior 5)
- 11am: Fed to buy $1.25b-$1.75b notes in 2036-2043 sector
- 11am: Fed to announce plans for Oct. debt purchases
- 11:30am: U.S. to sell $25b in 3M bills, $25b 6M bills
- 12pm: USDA 3Q agricultural-stock data
- 4pm: USDA crop-condition reports
GOVERNMENT:
- Federal government may run out of operating funds at midnight unless Congress agrees on stopgap funding bill
- House Judiciary Committee hears testimony from Office of Information and Regulatory Affairs on regulatory reform, 4pm
- Pentagon’s IG has flagged hundreds of deficiencies, corrective actions needed for Lockheed Martin’s F-35 fighter, the military’s costliest program; report might be issued as soon as today
- USTR Michael Froman speaks on “Enhancing Transatlantic Trade and Investment” at event sponsored by the German Marshall Fund of the U.S., Brussels, 3pm
- Toyota Chairman Takeshi Uchiyamada speaks on U.S., Japanese economies, global auto industry at event hosted by Economic Club of Washington, 8:10am
WHAT TO WATCH:
- Govt shutdown a day away as deal evades U.S. lawmakers
- Buffett poised to get $2b Goldman stake with warrants
- Pacific Rubiales to buy Petrominerales for C$935
- Twitter said to plan public IPO filing this week: WSJ
- BP seeks to cut Gulf spill fines in trial set to begin today
- Bard among vaginal mesh makers said in settlement talks
- Mark Cuban goes to trial in SEC’s Mamma.com insider case
- China Sept. manuf. gauge rises less than analysts forecast
- Sirius holders can’t proceed with Liberty suit, judge rules
- Euro-area Sept. inflation slows more than forecast on energy
- Siemens CEO Kaeser cuts 15,000 jobs to catch up with GE, ABB
- Letta defies Berlusconi as Italian government nears collapse
EARNINGS:
- Cal-Maine Foods (CALM) 6:30am, $0.36
- Diamond Foods (DMND) 4:01pm, $(0.03)
- Omnova (OMN) 7am, $0.21
- Park Electrchem (PKE) 6:30am, $0.28 (2 ests.)
- Paychex (PAYX) 4:01pm, $0.43
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Gold Climbs as Prospect of U.S. Government Shutdown Spurs Demand
- Gold Bulls Raise Wagers Most in Month on Stimulus: Commodities
- WTI Drops to Three-Month Low as U.S. Government Faces Shutdown
- Copper Set for Best Quarter in More Than Year on China Optimism
- Hedge Funds Cut Bullish Oil Bets to 12-Week Low: Energy Markets
- Soybeans Drop as U.S. Shutdown Risk May Threaten Checks on Crops
- Palm Oil in Malaysia Drops as Higher Output to Expand Stockpiles
- China May Expand List of Qualified Gold Importers, PBOC Says
- Golf Balls Fall Short Coping With 21st Century Disasters: Energy
- Wheat Moving Average Signaling Further Rally: Technical Analysis
- Mercuria Gas Bet Shows Traders See Gains in Romanian Market
- Gas Price Prospects Finely Balanced in BI Winter 2013-14 Outlook
- China’s Wheat Imports Seen Rising ‘Sharply’ by Grains Council
- Rebar Advances First Time in a Week as Manufacturing Expands
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
