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TODAY’S S&P 500 SET-UP – October 9, 2013


As we look at today's setup for the S&P 500, the range is 12 points or 0.27% downside to 1651 and 0.46% upside to 1663.                                  

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: 2.25 from 2.25
  • VIX  closed at 20.34 1 day percent change of 4.79%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Oct. 4 (prior -0.4%)
  • 10am: Fed’s Evans speaks on monetary policy in Washington
  • 10:30am: DOE Energy Inventories
  • 12pm: Fed’s Lockhart appears with Felipe Bulnes, Chilean ambassador to U.S., at World Affairs Council of Atlanta
  • 1pm: U.S. to sell $21b 10Y notes in reopening
  • 2pm: Fed releases minutes from Sept. 17-18 FOMC Meeting
  • 6pm: ECB’s Draghi speaks in Cambridge, Mass.

GOVERNMENT:

    • 8:30am: IMF Dir. of Monetary and Capital Markets Jose Vinals holds briefing on Global Financial Stability Report
    • 9am: World Bank President Jim Yong Kim gives press conference
    • 9:30am: House Oversight and Government Reform Committee holds hearing on IRS’s role in implementing Obamacare
    • 10am: Senate Banking, Housing and Urban Affairs Committee holds hearing on housing finance reform
    • 10:30am: Veterans Affairs Sec. Eric Shinseki testifies on effect of govt shutdown on VA benefits, services to veterans at House Veterans’ Affairs Cmte hearing
    • Noon: Financial Accounting Standards Board and International Accounting Standards Board hold public roundtable meeting on revised exposure drafts on leases
    • 1pm: House Small Business Committee holds hearing on effects of Obamacare on definitions of full-time employee with regard to small businesses

WHAT TO WATCH:

  • Yellen to be named by Obama as 1st female Fed chairman
  • Obama seeks post-debt deal talks as senate republicans seem open
  • Newcrest to replace CEO, chairman after asset writedown
  • Wal-Mart to buy Bharti’s stake in India retail venture
  • Jos. A. Bank offers to buy Men’s Wearhouse for $2.3b
  • SAC’s Cohen is said to face $1.8b cost to settle fraud charges
  • AT&T said to be close to wireless tower sale to Crown Castle
  • RBS said to hand over FX trader’s messages to U.K. regulator
  • Apple seeks China Mobile 3G, 4G knowledge in Beijing engineer ad
  • Apple said to debut new IPads at Oct. 22 event
  • J.P. Morgan said planning to cull business clients: WSJ
  • South Korea suspends some U.S. beef imports on additive: WSJ
  • Carlyle joins bid for Li Ka-Shing’s Parknshop chain: WSJ

EARNINGS:

    • Family Dollar Stores (FDO) 7am, $0.84 - Preview
    • Fastenal (FAST) 6:50am, $0.41 - Preview
    • Helen of Troy (HELE) 4:01pm, $0.72
    • Jean Coutu Group (PJC/A CN) 7am, C$0.25
    • RPM International (RPM) 7am, $0.71

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Tin Smelters in Indonesia Furlough Staff as Rule Curbs Trade
  • Codelco Spends to Back View Copper Set for Rebound: Commodities
  • Commodity Prices Wrong as Often as 27% of the Time for Traders
  • Copper Falls for Third Day Amid Deadlock Over U.S. Debt Ceiling
  • Soybeans Fall for Second Day as Weather Aids Harvest in U.S.
  • Gold Drops in London Trading as Investors Assess Stimulus, Debt
  • Robusta Coffee Falls Before Record Vietnamese Crop; Cocoa Rises
  • WTI Crude Oil Fluctuates as U.S. Debt Limit Impasse Continues
  • Alcoa Earnings Top Estimates After Gains at Aerospace Segment
  • Rebar Closes Near 3-Month Low as IMF Cuts China Growth Outlook
  • Metal Prices Unresponsive to Economic Surprise Index Surge
  • Captain Phillips’s Ship Helmed by Tom Hanks at Risk in Shutdown
  • Shale Drillers Offered Water Cheaper Than U.K. Residents: Energy
  • Gold Imports by India Slump as Curbs Reduce Demand for Jewelry

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