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