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TODAY’S S&P 500 SET-UP – October 21, 2013


As we look at today's setup for the S&P 500, the range is 59 points or 2.49% downside to 1701 and 0.89% upside to 1760.                        

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: 2.28 from 2.27
  • VIX closed at 13.04 1 day percent change of -3.26%

MACRO DATA POINTS (Bloomberg Estimates):

ECONOMY:

  • 10am: Existing home sales, Sept., est. 5.30m (prior 5.48m)
  • 11am: Fed to purchase $3b-$4b notes in 2019-2020 sector
  • 11:30am: U.S. to sell $35b 3M, $30b 6M bills
  • 4pm: USDA crop-condition reports

GOVERNMENT:

    • Deadline for comments to Fed, FDIC, Office of the Comptroller of the Currency on rule to amend leverage-ratio standards for U.S. bank-holding companies
    • 9:20am: CFPB Director Richard Cordray will discuss agency’s latest regulatory initiatives at ABA convention in New Orleans
    • 11am: NABE holds conference call briefing to discuss survey on business conditions

WHAT TO WATCH:

  • JPMorgan said to reach $13b U.S. mortgage-bond settlement
  • AT&T to sell, lease 9,700 towers to Crown Castle for $4.85b
  • FHFA said to seek at least $6b from BoFA for MBS sales
  • Office Depot, OfficeMax to get FTC merger approval: WSJ
  • Sinclair skirting FCC rules on station ownership, WSJ says
  • Apple to debut new iPad tmw as tablet mkt becomes crowded
  • NYSE cancels mistaken options trades on DJIA, S&P 500 on Fri.
  • Eli Lilly to maintain R&D spending as competitors cut: WSJ
  • Netflix poised to report passing HBO in paid U.S. subscribers
  • Caesars drops Gansevoort name from Vegas project post-probe
  • Almost 500k apply for Obamacare; team to help fix website
  • “Gravity” leads N.A. box office for 3rd time with $31m
  • China urges economic policy implementation to spur rebound

AM EARNS:

    • AO Smith (AOS) 7am, $0.43
    • Gannett (GCI) 8:24am, $0.41
    • Halliburton (HAL) 7:03am, $0.82 - Preview
    • Hasbro (HAS) 6:30am, $1.28 - Preview
    • Lennox Intl (LII) 8am, $1.27
    • Manpowergroup (MAN) 7:30am, $1.08
    • McDonald’s (MCD) 7:58am, $1.51 - Preview
    • Sonic Automotive (SAH) 7:30am, $0.50
    • VF Corp (VFC) 7am, $3.78 – Preview

   PM EARNS:

    • American Campus Communities (ACC) 4:01pm, $0.42
    • BancorpSouth (BXS) 4:01pm, $0.27
    • Brookfield Canada Office Properties (BOX-U CN) 5pm, $0.42
    • Discover Financial Services (DFS) 4:05pm, $1.21
    • Helix Energy Solutions Group (HLX) 6pm, $0.29
    • Hexcel (HXL) 4:05pm, $0.46
    • Idex (IEX) 4:45pm, $0.74
    • Illumina (ILMN) 4:05pm, $0.40 - Preview
    • Netflix (NFLX) 4:04pm, $0.47 - Preview
    • Sonic (SONC) 4:01pm, $0.30
    • Texas Instruments (TXN) 4:30pm, $0.53 - Preview
    • VMWare (VMW) 4:01pm, $0.82 - Preview
    • WR Berkley (WRB) 4:01pm, $0.74
    • Zions Bancorporation (ZION) 4:10pm, $0.42

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Falls to $100 for First Time Since July on Supplies
  • Nickel Glut Extends to Fourth Year on China Supply: Commodities
  • Wheat Climbs to Highest in Four Months on Argentina Crop Damage
  • Gold Holds Near Highest in a Week as Investors Weigh Stimulus
  • Copper Swings Between Gains and Drops as Chinese Imports Jump
  • Alcoa Says LME Warehouse Plan To Cut Waits Should Be Suspended
  • Raw Sugar Erases Decline for Year, Extending Gains After Rally
  • Cotton Output in India Seen at Record as Rains Boost Crop Yields
  • Money Managers Were Net Long on Cocoa in London 65,234 Contracts
  • Zimbabwe Needs $5.3 Billion Investment for Platinum Expansion
  • Shale Overload to Spur U.S.-China Fuel Trade: Energy Markets
  • Rebar Ends Near Three-Month Low on Slower China Investment
  • Rosneft, Exxon Face Unrivaled Challenges in Russian Arctic Basin
  • Rubber Snaps Three-Day Losing Streak as Weaker Yen Boosts Appeal

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