TODAY’S S&P 500 SET-UP – October 14, 2013
As we look at today's setup for the S&P 500, the range is 25 points or 1.19% downside to 1683 and 0.28% upside to 1708.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.34 from 2.34
- VIX closed at 15.72 1 day percent change of -4.61%
MACRO DATA POINTS (Bloomberg Estimates):
- No data scheduled, Columbus Day holiday
- 9pm: Fed’s Bernanke speaks on Mexico’s central bank in Mexico City
- U.S. Rates Weekly Agenda
GOVERNMENT:
- Columbus Day federal holiday
- Washington Weekly Agenda
WHAT TO WATCH:
- Columbus Day holiday; equity markets open, domestic bond markets closed; federal govt is closed
- Senate leaders struggle to end govt shutdown; default looms
- China’s export drop underscores global demand threat
- Facebook buys Israeli startup Onavo
- Japan to outsource management of some forex reserves
- Netflix in talks w/ Comcast, Suddenlink for box deals
- St. Jude buys pacemaker co. Nanostim for $123.5m
- TD Bank considers bid for RBS U.S. unit Citizens: Sunday Times
- U.S. Debt Talks, China GDP, Google, GE: Wk Ahead Oct. 14-19
EARNINGS:
- Brown & Brown (BRO) 4:15pm, $0.41
- Packaging Corp of America (PKG) 5pm, $0.89
- Wintrust Financial (WTFC) 4:01pm, $0.64
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Advances as China Imports the Most Metal in 18 Months
- Copper Supply Glut Seen Tripling as Prices Sink 10%: Commodities
- Gold Holds Above 3-Month Low on Physical Demand, U.S. Impasse
- WTI Crude Extends Losses, Drops as Much as 53c to $101.49/Bbl
- China Challenges CME to SGX With New Iron Ore Futures Contract
- Soybeans Rebound From Two-Month Low as Rain May Delay U.S. Crop
- Natural Gas Jumps to Three-Month High as Cooler Weather Forecast
- Saudi Aramco Plans ‘Massive’ Spending to Extend Field Life
- Palm Oil Declines Most in Week as Demand From India Decreases
- Rebar Gains for Third Day in China on Signs of Stronger Demand
- Shemen Drops Most on Record on ‘Dry Hole’ Report: Tel Aviv Mover
- Record Evacuation Limits India Storm Deaths as Rice Crop Ruined
- China Dairy Demand Drives Warrnambool Bids Down Under: Real M&A
- WTI Premium Ebbs as Cushing Supplies Recover: Energy Markets
- Palm Exports From Indonesia Climb for First Month Since May
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team