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    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – October 2, 2013


As we look at today's setup for the S&P 500, the range is 14 points or 0.59% downside to 1685 and 0.24% upside to 1699.                               

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.31 from 2.32
  • VIX closed at 15.54 1 day percent change of -6.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Sept. 27 (prior 5.5%)
  • 7:45am: ECB seen holding benchmark interest rate at 0.50%
  • 8:30am: ECB’s Draghi holds news conference on interest ra
  • 8:15am: ADP Employment Change, Sept., est. 180k (prior 176k)
  • 9:45am: ISM New York, Sept. (prior 60.5)
  • 10:30am: DOE energy inventories
  • 11:30am: U.S. to sell $20b cash management bills
  • 12pm: Fed’s Rosengren speaks on economy in Burlington, Vt.
  • 3:20pm: Fed’s Bullard speaks on community banks in St. Louis
  • 3:30pm: Fed’s Bernanke speaks on comm. banks in St. Louis

GOVERNMENT:

    • Second Day of federal govt shutdown, events may be canceled
    • Obama meets with CEOs of large banks, incl. Goldman Sachs CEO Lloyd Blankfein, to discuss stalemate on budget
    • House Armed Services Cmte hearing with Marine Corps logistics officials testifying on risks of sequestration, future force readiness, 2pm
    • SEC Chairman Mary Jo White speaks at Security Trader Association’s 80th annual Market Structure Conference, 2:45pm
    • House Transportation and Infrastructure Committee hears testimony on reauthorizing FEMA, 10am

WHAT TO WATCH:

  • U.S. government shuttered with no quick end seen amid discord
  • Overwhelming Obamacare demand signals potential success
  • Shutdown seen merging with debt-limit fight
  • Federal shutdown for a week seen shaving 0.1 point from growth
  • CEOs say shutdown poses risk to U.S. economic rebound
  • Microsoft board said to consider Mulally as Ford touts bench
  • Wells Fargo said to face New York action over accord compliance
  • ‘Candy Crush’ maker King said to file for U.S. public offering
  • BP wasn’t prepared for Deepwater blowout, professor testifies
  • Apple faces delay in producing new version of iPad Mini: Reuters
  • HTC, Qualcomm redesigning phone chip after patent ruling: WSJ
  • Cargill said to be close to buying ADM cocoa unit: Reuters
  • Bank credit-card fees face new scrutiny by U.S. consumer bureau
  • Tokyo Electron seeks deals after Applied Materials takeover
  • Facebook offers mobile promotions aimed at boosting app usage

EARNINGS:

    • CalAmp (CAMP) 4:01pm, $0.16
    • Monsanto (MON) 8am, $(0.43) - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Forecasts Raised by Australia as Chinese Demand Surges
  • Corn Reaches Three-Year Low as U.S. Production Outlook Improves
  • WTI Drops Ninth Time in 10 Days as U.S. Crude Stockpiles Advance
  • Gold Rebounds From 8-Week Low as Investors Weigh U.S. Shutdown
  • Sugar Rises to 5-Month High After Brazil Output Cut; Cocoa Falls
  • Copper Swings Between Gains and Drops Amid Shutdown in U.S.
  • Sugar Trade Spurs Land Grabs in Developing Countries, Oxfam Says
  • Yoshinoya to Grow Rice in Fukushima to Expand Farming Business
  • Falklands Tax Dispute Clouding Oil Dream for Investors: Energy
  • Aluminum Financing Threatened as Interest Rates Rise: Bear Case
  • Maersk Four Rate Rises Fail to Spread as Demand Falls: Freight
  • German Power’s Rebound Seen Ending on Coal Slide: Energy Markets
  • Barclays Hires Four Commodities Staff From JPMorgan, Citadel
  • Rubber Reaches 7-Week Low as U.S. Auto Data Raise Demand Concern

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