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TODAY’S S&P 500 SET-UP – October 1, 2013


As we look at today's setup for the S&P 500, the range is 27 points or 0.39% downside to 1675 and 1.22% upside to 1702.                               

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 2.29
  • VIX closed at 16.6 1 day percent change of 7.37%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 8:58am: Markit US PMI Final, Sept. (est. 53.1)
  • 10am: Construction Spending M/m, Aug. (est. 0.4%, pr 0.6%)
  • 10am: ISM Manufacturing, Sept. (est. 55.0, prior 55.7)
  • 10am: ISM Prices Paid, Sept. (est. 55.0, prior 54.0)
  • 4:30pm: API weekly oil inventories

 GOVERNMENT:

    • Obamacare insurance marketplaces open for enrollment, whether or not federal govt shuts down
    • U.S. Supreme Court may say whether it will consider Argentina’s appeal of lower-court decision on debt payments
    • Microsoft holds discussion on changes in immigration policy that would benefit the economy, with Labor Dept Chief Economist Jennifer Hunt, 8:30am
    • World Bank President Jim Yong Kim will speak about global poverty, bank’s efforts to end most extreme forms by 2030 a week before the bank’s annual meeting, 11am
    • Officials from Comcast, Cisco and Toyota testify before House Subcmte on Communications and Tech hearing on using spectrum in the 5 GHz band, 10:30am

WHAT TO WATCH:

  • U.S. govt. shutdown idles 800k as Congress spars on Obamacare
  • ROUNDUP: U.S. shutdown begins as deadlocked Congress flails
  • Shutdown confrontation may take momentum from standoff on debt
  • Cameron says U.S. government shutdown is risk to world economy
  • Shutdown would cost U.S. economy $300m/day, IHS says
  • Health exchanges begin enrollment, some delays expected
  • JPMorgan employee said to be cooperating in U.S. RMBS probe
  • Labor Day quirk hit auto sales for Sept., analysts say
  • Google said to avoid U.S. antitrust challenge over Waze deal
  • Google offer paves way for end to antitrust clash: Almunia
  • Activision may seek shareholder vote on Vivendi buyout
  • Dish reaches extension w/ Disney, avoids ESPN/ABC blackout
  • Wells Fargo agrees to $869m settlement with Freddie Mac
  • Toyota loses bid to get acceleration-injury suit thrown out
  • CFTC enforcement chief David Meister to step down this month
  • China Sept. manufacturing index rises less than forecast
  • Euro-Area jobless rate unexpectedly declines
  • Abe confirms Japan to compile JPY5t stimulus plan
  • KKR buys 10% of appliance maker Haier in biggest China deal
  • Cooper Tire shrholders vote to accept merger with Apollo Tyres
  • Amazon to hire 70,000 seasonal workers to meet holiday demand
  • Intel’s Eric Huggers seen as Hulu CEO candidate: N.Y. Post
  • Indigo Partners agrees to buy Frontier Airlines: WSJ
  • Intel to buy Sensory Networks for about $20m: WSJ

EARNINGS:

    • Actuant (ATU) 7:25am, $0.50
    • Acuity Brands (AYI) 8:25am, $1.02 - Preview
    • Global Payments (GPN) 4:01pm, $0.95
    • Walgreen (WAG) 7:30am, $0.73 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Falls on Concern U.S. Government Shutdown to Sap Demand
  • Biggest Raw-Materials Rally of Year Seen Stalling: Commodities
  • WTI Crude Drops a Third Day as U.S. Government Shutdown Begins
  • Gold Futures Fall Below $1,300 an Ounce on Comex
  • Soybeans Drop on Higher U.S. Supply as Corn Hits Three-Year Low
  • Sugar Falls After Rally Before Record Delivery; Coffee Advances
  • India’s Gold Imports Seen Declining on Curbs to Contain Deficit
  • Coffee Held by Vietnam Farmers Climbs to Highest Since 2009
  • Brazil Sugar Exports to China Advance to Record, ITC Data Show
  • Exploding Fuel Tankers Driving U.S. Army to Solar Power: Energy
  • Diesel Tankers Turning Profitable After Five-Year Rout: Freight
  • Saudi Arabian Oil Output Soars to Highest on Record: BI Chart
  • Chile, Peru Dominate New Copper Supply as Africa, Asia Trail
  • Stocks Rally Most Since ’12 in Quarter, Beating Dollar, Bonds
  • MKS Sees Its Physical Gold Sales Reaching Record on Asia Demand

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