• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – October 23, 2013


As we look at today's setup for the S&P 500, the range is 42 points or 1.80% downside to 1723 and 0.59% upside to 1765.                                  

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: 2.20 from 2.22
  • VIX closed at 13.33 1 day percent change of 1.29%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Mortgage Applications Index, Oct. 18 (prior 0.3%)
  • 8:30am: Import Price Index M/m, Sept., est. 0.2% (prior 0.0%)
  • 9am: House Price Index, Aug., est. 0.8% (prior 1.0%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $2.75b-$3.5b notes in 2020-2023 sector

GOVERNMENT:

    • President Barack Obama meets with Pakistani Prime Minister Nawaz Sharif to discuss security concerns
    • 8:30am: CSIS, Finl Svcs Roundtable discussion on cybersecurity
    • 10am: SEC meets on proposed rules, forms on offer and sale of securities through crowdfunding
    • 10:30am: House Education and the Workforce ranking member Rep. George Miller, D-Calif., Reps. Jan Schakowsky, D-Ill., Alan Grayson, D-Fla., host forum on Wal-Mart wages
    • 11am: House Judiciary Chairman Bob Goodlatte, R-Va. to announce introduction of bill “to address ever increasing problem of abusive patent litigation.”
    • 2pm: House Financial Services panel hearing on reducing impediments to capital formation
    • 2pm: House Armed Services Cmte hearing on Navy’s 30-year shipbuilding plan
    • 3:30pm: House Armed Services hears from Pentagon officials on spending cuts, effect on acquisition, modernization

WHAT TO WATCH:

  • Icahn’s Netflix sale shows differences with son over value
  • JPMorgan close to $6b settlement with institutional investors: FT
  • Men’s Wearhouse said to mull bid for shoemaker Allen Edmonds
  • ECB stress test to use stricter capital definition than review
  • Peugeot reviews GM alliance as savings goal proves tough to meet
  • Rabobank said to agree to $1b settlement over Libor claims
  • Biggest Chinese banks triple debt write-offs
  • Twitter secures $1b credit line before initial share sale
  • Carlyle, KKR, CVC join initial bid for Woori F&I: Maeil
  • Amgen boosts 2013 forecast after third-quarter sales rise
  • Buffett praises IBM profit prospects, says cos. have blips
  • Spanish GDP rises 0.1% in 3Q, ending nine-quarter recession
  • Heineken cuts profit outlook as central European sales slide

AM EARNS:

    • Airgas (ARG) 7:30am, $1.23
    • Allegheny Technologies (ATI) 7am, $(0.28)
    • American Electric Power (AEP) 6:57am, $1.08
    • Boeing (BA) 7:30am, $1.52 - Preview
    • Brinker Intl (EAT) 7:45am, $0.45 - Preview
    • Bristol-Myers Squibb (BMY) 7:30am, $0.44
    • Canadian Pacific Railway (CP CN) 7:30am, $1.71 - Preview
    • CapitalSource (CSE) 8am, $0.15
    • Caterpillar (CAT) 7:30am, $1.67 - Preview
    • Commercial Metals (CMC) 7am, $0.17
    • Dr Pepper Snapple (DPS) 7am, $0.83
    • Eli Lilly (LLY) 6:30am, $1.04 - Preview
    • Encana (ECA CN) 6am, $0.16 - Preview
    • General Dynamics (GD) 7am, $1.68 - Preview
    • Hudson City Bancorp (HCBK) 8am, $0.08
    • Lorillard (LO) 7am, $0.81 - Preview
    • Medicines (MDCO) 8am, $0.16 - Preview
    • Molex (MOLX) 7:30am, $0.37
    • Motorola Solutions (MSI) 7am, $1.02
    • NASDAQ OMX (NDAQ) 7am, $0.62
    • New York Community Bancorp (NYCB) 8am, $0.26
    • Nielsen (NLSN) 6am, $0.48
    • Norfolk Southern (NSC) 8am, $1.39 - Preview
    • Northrop Grumman (NOC) 7am, $1.82 - Preview
    • Omnicare (OCR) 7am, $0.90
    • Owens Corning (OC) 7:28am, $0.64
    • Popular (BPOP) 8am, $0.70
    • Prologis (PLD) 8am, $0.41
    • Six Flags Entertainment (SIX) 8am, $1.66
    • Thermo Fisher Scientific (TMO) 6am, $1.28
    • Tupperware Brands (TUP) 7am, $1.04
    • US Airways Group (LCC) 8am, $1.14 - Preview
    • WellPoint (WLP) 6am, $1.82 - Preview
    • WR Grace (GRA) 6am, $1.03
    • Wyndham Worldwide (WYN) 6:29am, $1.36

PM EARNS:

    • Agnico Eagle Mines (AEM CN) 5pm, $0.09 - Preview
    • Akamai Technologies (AKAM) 4:01pm, $0.46
    • Angie’s List (ANGI) 4:05pm, $(0.20)
    • Assurant (AIZ) 4:05pm, $1.50
    • AT&T (T) 4:01pm, $0.65 - Preview
    • AvalonBay Communities (AVB) 4:01pm, $1.18
    • Brandywine Realty Trust (BDN) 4:15pm, $0.40
    • Cadence Design Systems (CDNS) 4:05pm, $0.21
    • Citrix Systems (CTXS) 4:05pm, $0.69
    • CoreLogic (CLGX) 4:15pm, $0.42
    • E*TRADE Financial (ETFC) 4:05pm, $0.16
    • Equifax (EFX) 4:11pm, $0.88
    • Equinix (EQIX) 4:01pm, $0.60
    • Everest Re Group (RE) 4:05pm, $4.76
    • F5 Networks (FFIV) 4:04pm, $1.19 - Preview
    • Fortinet (FTNT) 4:15pm, $0.11
    • Fortune Brands Home & Security (FBHS) 4:01pm, $0.41
    • Fusion-io (FIO) 4:05pm, $(0.11)
    • Infinera (INFN) 4:15pm, $0.04
    • KKR Financial Holdings (KFN) 4:21pm, $0.38
    • Lam Research (LRCX) 4:05pm, $0.70
    • Leggett & Platt (LEG) 4:05pm, $0.44
    • LSI (LSI) 4:01pm, $0.16
    • NXP Semiconductor (NXPI) 8pm, $0.83
    • O’Reilly Automotive (ORLY) 6:30pm, $1.65
    • Polycom (PLCM) 4:05pm, $0.11
    • Raymond James Financial (RJF) 4:13pm, $0.63
    • Service Corp (SCI) 4:03pm, $0.20
    • ServiceNow (NOW) 4:01pm, $(0.02)
    • SL Green Realty (SLG) 5pm, $1.28
    • Stericycle (SRCL) 4:02pm, $0.94
    • Susquehanna Bancshares (SUSQ) 4:30pm, $0.23
    • Swift Transportation (SWFT) 4pm, $0.29
    • Symantec (SYMC) 4:01pm, $0.44
    • Teradyne (TER) 6pm, $0.44
    • Terex (TEX) 4:46pm, $0.59
    • Torchmark (TMK) 4pm, $1.43
    • Tractor Supply (TSCO) 4:01pm, $0.41
    • TripAdvisor (TRIP) 4:04pm, $0.44 - Preview
    • TriQuint Semiconductor (TQNT) 4:02pm, $0.10
    • Varian Medical Systems (VAR) 4pm, $1.11
    • Whiting Petroleum (WLL) 4pm, $1.06

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • JPMorgan Said to Draw BTG Bid for All of Commodities Business
  • Tyson Chases Hormel by Targeting Moms With Burritos: Commodities
  • WTI Drops to 5-Month Low; Discount to Brent Widest Since April
  • Copper Slumps From One-Month High as Chinese Interest Rates Rise
  • Gold Declines as Investors Sell After Rally to Three-Week High
  • Wheat Nears Fourth-Month High as South American Demand May Climb
  • Robusta Coffee Halts Decline After Falling 8.3% in Past Six Days
  • Petroineos to Decide on Future of Grangemouth Oil Refinery
  • U.S. Pump Prices Seen Dropping to Three-Year Low: Energy Markets
  • Rebar Falls, Erasing Earlier Gains, After China Money Rates Jump
  • Natural Gas Consumption Likely Sluggish Into 2014: Bear Case
  • Pig Iron Cost Structure May Put Floor Under Nickel as 4Q Evolves
  • Japan Mulls Plan for One Operator to Run All Reactors: Energy
  • Ineos Will Keep Grangemouth Refinery Open, U.K. Minister Says

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