TODAY’S S&P 500 SET-UP – October 11, 2013
As we look at today's setup for the S&P 500, the range is 26 points or 0.62% downside to 1682 and 0.91% upside to 1708.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.34 from 2.34
- VIX closed at 16.48 1 day percent change of -15.92%
MACRO DATA POINTS (Bloomberg Estimates):
- 9:55am: U Mich. Confidence, Oct. prelim, est. 75.9 (pr 77.5)
- 11am: Fed’s Powell speaks on monetary policy in Washington
- 11am: Fed to purchase $1.25b-$1.75b in 2036-2043 sector
- 1pm: Fed’s Rosengren at Council of Foreign Relations in N.Y.
- 1pm: Baker Hughes rig count
GOVERNMENT:
- 9am: Natural Resources Defense Council, Sierra Club, Canadian scientists and activists briefing on Canadian govt, climate policies, tar sands expansion, Keystone XL
- 10am: Joint Economic Cmte hearing on fiscal sustainability, economic growth
- 1:30pm: G-20 members hold IMF/World Bank press conferences
WHAT TO WATCH:
- House Republicans enter talks with Obama on debt-ceiling deal
- Default doubters repudiated by Republican economists citing harm
- Energy Future said near bankruptcy loan exceeding $3b
- Pimco said to raise $3.5b for Bravo II credit fund
- Del Monte Pacific to buy U.S. food brands for $1.68b
- Twitter said to pay 3.25% bankers’ fee in IPO topping $1b
- Potash Corp. cuts profit forecast amid market uncertainty
- Device sales delays possible as shutdown halts FCC reviews
- Brevan Howard said to start fund run by ex-Deutsche Bank team
- China Greenland to invest in $5b New York property deal
- Google moved EU8.8b in royalty payments to Bermuda in 2012: FT
- ESM’s Regling says Greece widely expected to need new bailout
- Royal Mail surges on opening following oversubscribed IPO
- U.S. Debt Deadline, China GDP, Google, GE: Wk Ahead Oct. 12-19
EARNINGS:
- JPMorgan Chase (JPM) 7am, $1.29 - Preview
- Webster Financial (WBS) 8am, $0.49
- Wells Fargo (WFC) 8am, $0.97 - Preview
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Corn Tumbles to Three-Year Low on U.S. Harvest, Ethanol Mandate
- Gold Analysts Bearish on Signs of U.S. Compromise: Commodities
- IEA Sees Oil Output From Outside OPEC Rising Most Since 1970s
- Cocoa Jumps to Highest in Almost Two Years as Supply Falls Short
- Copper Rises for Second Day on Strengthening Chinese Car Sales
- WTI Crude Set for Weekly Decline; IEA Sees Non-OPEC Supply Boom
- Gold Heads for Second Weekly Loss as U.S. Impasse Seen Ending
- Rebar Gains for Second Week on China Restocking, Iron Ore Prices
- Falling Copper Grades Show Super Cycle Intact: Chart of the Day
- Coal 4-Year Low Lures Utilities Ignoring Climate: Energy Markets
- U.S. Oil Boom Races Against Red Queen as Shale Wells Fade Fast
- Shale Ascendancy in Europe Displaces Pipeline Gas: Bear Case
- Lukashenko Calls for Potash ‘Cartel’ Revival to Boost Price
- Sugar Climbs in New York as Brazil May Slow Sales for Now
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team