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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team