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TODAY’S S&P 500 SET-UP – October 7, 2013


As we look at today's setup for the S&P 500, the range is 33 points or 1.15% downside to 1671 and 0.80% upside to 1704.                                    

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 2.32
  • VIX closed at 16.74 1 day percent change of -5.26%

MACRO DATA POINTS (Bloomberg Estimates):

  • 11am: Fed to purchase $2.75b-$3.5b in 2020-2023 sector
  • 11:30am: U.S. to sell $35b 3M bills, $30b 6M bills
  • 3pm: Consumer Credit, Aug., est. $12b (prior $10.437b)
  • 4pm: USDA crop-condition reports
  • NOTE: Most Commerce Dept., Labor Dept., and Treasury Dept. economic indicators on hiatus during government shutdown
  • Eco Releases Oct. 7-11 If Shutdown Continues

GOVERNMENT:

    • Supreme Court convenes for first time in 2013-14 session
    • House, Senate in session

WHAT TO WATCH:

  • Boehner says he doesn’t have votes for clean debt limit bill
  • Moody’s CEO sees “very low’”chance of U.S. default
  • A U.S. default seen as catastrophe dwarfing Lehman’s demise
  • Samsung seeks White House veto of import ban like Apple got
  • KKR said near agreement to buy Crosby Group for $1b: Reuters
  • Ford board seen discussing Mullaly plans as MSFT seeks CEO
  • Airbus secures first Japan Air order in blow to Boeing
  • Japan Tobacco to grow in smokeless products via M&A, tie-ups
  • Solvay to buy Chemlogics for $1.35b in cash
  • Wentworth said to be pursuing IPO: WSJ
  • Carlyle, KKR may bid for Woori Finance NPL Unit: Maeil
  • Syria ready for peace Talks in Mid-Nov., Russia’s Lavrov says
  • Gulf of Mexico workers return to platforms after Karen weakens
  • Kynikos’ Jim Chanos, BlueMountain’s Jes Staley speak at conf.
  • First trial of Madoff employees begins
  • APEC leaders urge vigilance on protectionism to spur growth
  • Sci-fi epic “Gravity” is top N.A. film with record Oct. open

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Befuddles Bernanke as Central Banks’ Losses at $545 Billion
  • Aluminum Costs Seen Dropping as LME Unclogs Depots: Commodities
  • WTI Crude Declines as Gulf of Mexico Output Resumes After Storm
  • Copper Falls on Continuing Deadlock Over U.S. Borrowing Limit
  • Indonesian Tin Exports Tumble to Six-Year Low on Trade Rule
  • Robusta Coffee Gains as Roasters Tap Stockpiles; Cocoa Advances
  • Gold Swings in London on Debt Limit Concern as Shutdown Extends
  • Soybeans Rise to One-Week High as Rains Seen Slowing Harvesting
  • Palm Reserves in Malaysia Increase as Output Jumps to Record
  • Gold Contradicts History and Declines With U.S. Dollar
  • Codelco Said to Raise Copper Premium to $112 a Ton in Europe
  • Areva Advises Buying Uranium as Nuclear Glut Ends Price Decline
  • World Corn, Soybean Reserves in 2014 Seen Topping USDA Estimates
  • Thai Sugar Exports to Surge to Record on Increasing Production

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