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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team