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TODAY’S S&P 500 SET-UP – October 10, 2013


As we look at today's setup for the S&P 500, the range is 28 points or 0.33% downside to 1651 and 1.36% upside to 1679.                          

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: 2.35 from 2.31
  • VIX closed at 19.6 1 day percent change of -3.64%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England seen maintaining 0.50% bank rate
  • 7:45am: BoJ’s Kuroda speaks at Council on Foreign Relations
  • 8:30am: Initial Jobless Claims, Oct. 5, est. 310k (prior 308k)
  • 9:45am: Bloomberg Consumer Comfort, Oct. 6 (prior -29.4)
  • 9:45am: Fed’s Bullard speaks on monetary policy in St. Louis
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $1b-$1.5b TIPS in 2018-2043 sector
  • 12:20pm: ECB’s Draghi speaks in New York
  • 1pm: U.S. to sell $13b 30Y bonds in re-opening
  • 1:45pm: Fed’s Tarullo speaks on regulatory reform in D.C.
  • 2:30pm: Fed’s Williams speaks on economy in Boise, Idaho

GOVERNMENT:

    • Sec. of State John Kerry in Bandar Seri Begawan, Brunei, for U.S.-ASEAN Summit and East Asia Summit; leaves for Malaysia to meet officials, attend Global Entrepreneurship Summit
    • 8am: Treasury Sec. Jack Lew testifies at Senate Finance Committee on debt limit
    • 8:45am: World Bank President Jim Yong Kim holds press briefing
    • 9:30am: IMF M.D. Christine Lagarde speaks to press
    • 10am: Senate Banking, Housing and Urban Affairs Committee holds hearing on consequences of default on financial stability, economic growth, with American Bankers Association CEO Frank Keating, Sifma present Kenneth Bentsen Jr.
    • 1pm: House Natural Resources panel holds hearing on EPA and mining jobs

WHAT TO WATCH:

  • Sept. U.S. same-store sales seen slowing from Aug.
  • Debt-limit prospects gain as both sides open to short-term deal
  • Hong Kong raises haircut on U.S. bills for margin cover
  • Samsung set for $1.4b windfall after Seagate stock sale
  • Microsoft’s board said to work on hiring new CEO this year
  • Jarden’s Franklin close to buying MacDermid to add chemicals
  • Blackstone receives first-round bids for La Quinta: WSJ
  • KKR to pay $1b for industrial-products makers Crosby, Acco
  • Manhattan apartment rents fall for the first time in 2 years
  • ECB agrees to bilateral currency swap agreement with PBOC
  • Telecom Italia is said to value Brazil stake at $12b
  • Libyan PM seized from hotel by revolutionary group in Tripoli

EARNINGS:

    • Angiodynamics (ANGO) 4:01pm, $0.03
    • Bank of the Ozarks (OZRK) 6pm, $0.60
    • Blackhawk Network (HAWK) 9am, $0.05
    • E2Open (EOPN) 4:05pm, $(0.15)
    • iGATE (IGTE) 6:45am, $0.43
    • Lindsay (LNN) 7am, $0.91
    • Marriott Vacations Worldwide (VAC) 8am, $0.39
    • Micron Technology (MU) 4:04pm, $0.23 - Preview
    • Safeway (SWY) Aft-mkt, $0.16 – Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Rises as Libya Prime Minister Freed From Detention
  • Soybean Reserves Reach Record as Goldman Sees Slump: Commodities
  • Cocoa Reaches 21-Month High on Demand Indications; Robusta Rises
  • Copper Rises on Speculation U.S. Will Avoid Defaulting on Debt
  • Gold Falls as Investors Weigh Prospects for Debt Deal, Tapering
  • Tin Membership Increases at ICDX as Indonesia Targets Benchmark
  • Gold Seen Lower by Morgan Stanley in 2014 as Goldman Says Sell
  • Soybeans Climb on Supply Outlook Before South American Harvests
  • Japan Buys Least Milling Wheat in 3 Months in Regular Tender
  • Refiner Gains in Asia to Rebound as Units Shut: Energy Markets
  • Cold European Winter Could Create Energy Crisis, Cap Gemini Says
  • Costlier CO2 Permits Boost Long-Term EU Gas Demand: Bull Case
  • Apple to Toyota Seen Gaining From Thailand’s Upgrade: Freight
  • Rebar Rises on Bets Chinese Economic Growth to Support Demand

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