TODAY’S S&P 500 SET-UP – August 18, 2014
As we look at today's setup for the S&P 500, the range is 31 points or 1.08% downside to 1934 and 0.51% upside to 1965.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.94 from 1.93
- VIX closed at 13.15 1 day percent change of 5.88%
MACRO DATA POINTS (Bloomberg Estimates):
- 10am: NAHB Housing Market Index, Aug., est. 53 (pr 53)
- 11am: U.S. to announce plans for auction of 4W bills
- 11:30am: U.S. to sell $29b 3M bills, $25b 6M bills
- U.S. Rates Weekly Agenda
- FX Weekly Agenda
GOVERNMENT:
- Senate, House out on August recess
- Former House Majority Leader Eric Cantor, R-Va., said he will resign from Congress Aug. 18
- Former CFTC commissioner Scott O’Malia’s first day as chief executive of International Swaps and Derivatives Assn
WHAT TO WATCH:
- Valeant extends tender offer for Allergan until end of 2014
- Missouri Gov. Nixon dispatches National Guard to Ferguson
- Kurdish forces take control of Iraq’s largest dam
- Banks may lose Fed discount loans as part of living wills: FT
- Russia widens band on ruble trading vs USD-EUR basket to 9
- Google buys photo-analysis startup Jetpac; terms not disclosed
- BofAML said to be selected by Gulf Capital as main IPO adviser
- Wintergreen exits Berkshire Hathaway stake over Coke pay
- Fmr. SAC COO Kumin’s firm said to get $400m from Leucadia: WSJ
- Tesoro refinery explosion case closes; no charges brought
- Boeing 747 hull said to have been punctured in July collision
- Twitter to meet Turkish govt Aug. 25 on taxes, grievences: HT
- IBM says CFIUS approves x86-based server unit sale to Lenovo
- Target may keep some stores open until midnight: WSJ
- Judge in GM class-action ignition switch case names counsel
- U.S. banks see Ireland alternative in case of U.K. move: FT
- Teenage Mutant Ninja Turtles top box office for second wkend
- China home prices fall in majority of cities on weak demand
- U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Materials, Media/Ent, Real Estate
- North American M&A Agenda
- Jackson Hole, Yellen, Draghi, Fed Minutes: Wk Ahead Aug. 16-23
PM EARNS:
- Urban Outfitters (URBN) 4pm, $0.48
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Palladium Advances to 13-Year High in New York as Gold Declines
- Nickel Drops as Chinese House-Price Slump Fuels Slowdown Concern
- Robusta Coffee Drops Amid Rains in Vietnam; White Sugar Falls
- Hedge Funds Extend Longest Soy Bear Run Since 2006: Commodities
- Shanghai Gold Exchange Said to Plan FTZ Contract for September
- Refinery Breakdowns Boost Gasoline as Labor Day Nears: Energy
- OPEC Oil Call May Increase on Economic Growth, Rising Prices
- Oil Mkt Struggles to Find Buyers to Take Physical Delivery: MS
- European Naphtha Shipments to Asia Rise to 12 Cargoes in Aug.
- Copper Charges in China Seen Rising to $120/t as Freeport Ships
- Potential $60 Billion Mine in Play as Rio Reviews Its Stake
- Palm Oil Declines to Lowest Level in Five Years on Weak Exports
- China Plan to Cut Wholesale Power Price May Help Coal Producers
- Steel Rebar Declines on China Home Prices as Ore at Record Low
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team