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TODAY’S S&P 500 SET-UP – October 3, 2013


As we look at today's setup for the S&P 500, the range is 15 points or 0.76% downside to 1681 and 0.13% upside to 1696.                                              

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: 2.32 from 2.30
  • VIX closed at 16.6 1 day percent change of 6.82%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts Y/y, Sept. (prior 56.5%)
  • 7:30am: RBC Consumer Outlook Index, Oct. (prior 51.1)
  • 8:30am: Init Jobless Claims, Sept. 28, est. 315k (pr 305k)
  • 8:30am: Continuing Claims, Sept. 20 (prior 2.800m)
  • 9:45am: Bloomberg Consumer Comfort, Sept. 29 (prior -28.1)
  • 10am: ISM Non-Manuf Index, Sept., est. 57 (prior 58.6)
  • 10am: Freddie Mac mortgage rates
  • 11am: U.S. announces plans for 3Y note auction on Oct. 8, 10Y notes on Oct. 9, 30Y bonds on Oct. 10
  • 11am: Fed to buy $1.25b-$1.75b in 2036-2043 sector
  • 11am: Fed’s Williams speaks in San Diego
  • 12:30pm: Fed’s Fisher speaks on economy in Dallas
  • 1pm: Fed’s Lockhart speaks on labor market in Atlanta
  • 1:30pm: Fed’s Powell speaks on banking in St. Louis
  • 5:30pm: Fed’s Fisher speaks in Little Rock, Ark.

GOVERNMENT:

    • Partial U.S. govt shutdown enters 3rd day
    • IMF’s Christine Lagarde speaks on global economy
    • SEC Commissioner Daniel Gallagher speaks about his agency at the Security Traders Association Market Structure Conf. 3:15pm

WHAT TO WATCH:

  • White House meeting fails to end stalemate that led to shutdown
  • Eco releases to include claims today, no payrolls tmw
  • Frustrated Republicans urge Boehner to find deal to end shutdown
  • Goldman said to make $1.5m error in Ford bond issue
  • U.S. holiday sales may rise 3.9% as budget fight curbs sentiment
  • Pershing’s Ackman moves to soften risk on Herbalife pyramid bet
  • Draghi said to task ECB panel to mull bank liquidity options
  • China services index rises to 6-month high
  • BP wins review of challenged payouts to Gulf spill victims
  • Google seen by U.S. risking security if data release is allowed
  • Mark Cuban to defend himself on stand in SEC’s insider trial
  • Spain sells 10-yr bonds to yield 4.269%, lowest since Sept. ’10
  • Google buys gesture recognition startup Flutter: AllTHingsD
  • Zale says Golden Gate Capital may sell 25% stake: WSJ
  • Eurozone Aug. retail sales up 0.7% M/m; est. up 0.2% M/m
  • United Technologies sees 5k jobs at jeopardy in U.S. shutdown

EARNINGS:

    • Constellation Brands (STZ) 7:30am, $0.88
    • International Speedway (ISCA) 7:30am, $(0.01)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Malaysia Starts Gold Futures Trade as Investor Demand Grows
  • Rio Replacing Train Drivers Paid Like U.S. Surgeons: Commodities
  • WTI Crude Declines on Concern U.S. Shutdown May Curb Fuel Demand
  • Gold Falls on Signs of Slowing Demand in China; Palladium Drops
  • Copper Declines as U.S. Government Shutdown Enters Third Day
  • Wheat Rises as Rain Slows Winter Planting From Ukraine to Russia
  • Sugar Falls in New York for First Time This Week; Cocoa Climbs
  • BHP Sees Robust Commodity Demand Growth as China Urbanizes
  • Iron Ore Exports From Port Hedland Climb as China Purchases More
  • World Food Prices Drop to Lowest in Three Years on Grain Slide
  • Saudi Aramco Set to Narrow Light-Heavy Price Spread: Asia Crude
  • Europe Faces Winter Gas Squeeze Even With Faster Stores Refill
  • Gold Double Bottom Signals Rally to $1,425: Technical Analysis
  • Russia’s VTB Capital May Expand in Base Metals Trading Next Year

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