TODAY’S S&P 500 SET-UP – October 18, 2013
As we look at today's setup for the S&P 500, the range is 50 points or 2.20% downside to 1695 and 0.68% upside to 1745.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.25 from 2.28
- VIX closed at 13.48 1 day percent change of -8.36%
MACRO DATA POINTS (Bloomberg Estimates):
- 8am: Fed’s Lacker speaks on orderly resolution in Washington
- 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2043 sector
- 1pm: Baker Hughes rig count
- 1pm: Fed’s Tarullo speaks on orderly resolution in Washington
- 2pm: Fed’s Evans speaks on economy in Chicago
- 3:40pm: Fed’s Dudley speaks
- 4:30pm: Fed’s Stein speaks in Boston
GOVERNMENT:
- 8am: Fed conf. on “Planning for Orderly Resolution of a Global Systemically Important Bank”
- 8:30am: CMS Deputy Administrator speaks at America’s Health Insurance Plans State Issues conf.
WHAT TO WATCH:
- Barclays, Citigroup FX traders’ msgs said to be scrutinized
- LG Display leads Apple supplier gains on Morgan Stanley report
- Morgan Stanley must face group lawsuit by Singapore investors
- KKR sues Halliburton to enforce $256m arbitration award
- Royal Brunei in talks with Airbus, Boeing to buy planes
- China GDP growth rebounds after Li stimulus to meet target
- Hedge funds seek to trade in comfort as bankruptcy insiders
- JPMorgan sells Chase Manhattan Plaza in NYC to China’s Fosun
- U.S. video-game sales jump in Sept. on ‘Grand Theft Auto’
- U.S. Government, IPads, Ford, U.K. GDP: Wk Ahead Oct. 19-26
EARNINGS:
- Baker Hughes (BHI) 6am, $0.78 - Preview
- Celanese (CE) 5pm, $1.15
- First Horizon National (FHN) 7am, $0.19
- First Niagara Financial (FNFG) 7:15am, $0.19
- General Electric (GE) 6:30am, $0.35 - Preview
- Genuine Parts (GPC) 8:49am, $1.20
- Honeywell Intl (HON) 6:30am, $1.24 - Preview
- Ingersoll-Rand (IR) 7am, $1.10
- Interpublic Group (IPG) 7am, $0.18
- Kansas City Southern (KSU) 8am, $1.11 - Preview
- Laboratory Corp of America (LH) 6:45am, $1.80 - Preview
- Morgan Stanley (MS) 7:15am, $0.40 - Preview
- Parker Hannifin (PH) 7:30am, $1.47
- Schlumberger (SLB) 6:30am, $1.24 - Preview
- SunTrust Banks (STI) 6am, $0.68
- Textron (TXT) 6:30am, $0.47
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Asian Gold Demand Seen Surging by HSBC on Elevated Inflation
- Wheat Bears Prevail as Demand Slows for Record Crop: Commodities
- Copper Heads for Biggest Weekly Gain in Four on Chinese Growth
- Iron Ore Futures Debut in Dalian as China Seeks Pricing Power
- Wheat Climbs as Demand for U.S. and EU Supplies Seen Sustained
- WTI Crude Set for Second Weekly Decline, Nearing $100 a Barrel
- Palm Oil Advances a Second Week as Exports From Malaysia Climb
- Natural Gas Futures Set for Weekly Loss on Ample U.S. Stockpiles
- Gold Swings as It Heads for Best Week Since August on Stimulus
- Chinese Steel Products Output Up 16.3% Yoy on Stimulus: BI Chart
- Stevens Silent as Commodities Spur Aussie Rise: Chart of the Day
- WTI Crude May Fall After U.S. Inventories Climb, Survey Shows
- Railroads Shipping Oil Face New Rules After Quebec Fire: Energy
- Goldman Sachs Cuts Arabica Coffee Forecasts by 7.7% on Weather
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team