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TODAY’S S&P 500 SET-UP – October 24, 2013


As we look at today's setup for the S&P 500, the range is 26 points or 1.05% downside to 1728 and 0.44% upside to 1754.                                                 

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: 2.18 from 2.20
  • VIX closed at 13.42 1 day percent change of 0.68%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Trade Deficit, Aug., est. $39.5b (prior $39.1b)
  • 8:30am: Jobless Claims, Oct. 18, est. 340k (prior 358k)
  • 8:58am: Markit PMI Prelim., Oct., est. 52.5 (prior 52.8)
  • 9:45am: Bloomberg Consumer Comfort Index, 10/20, prior -34.1
  • 10am: Jolts Survey, Sept., est. 3.765m (prior 3.689m)
  • 10am: New Home Sales, Sept., est. 425k (prior 421k)
  • 10am: Freddie Mac mortgage rates
  • 10am: Fed open board meeting on quantitative liquidity rules
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Mfg Index, Oct., est. 2 (prior 2)
  • 11am: Leading Economic Indicators, Sept., postponed (pr. 0.7%)
  • 11am: U.S. announces plans for 2Y, 5Y and 7Y note sales
  • 12:45pm: BoE’s Carney speaks at event in London
  • 1pm: U.S. to sell $7b 30Y TIPS

GOVERNMENT:

    • Senate, House out of session
    • 9am: House Energy and Commerce meets on Patient Protection and Affordable Care Act implementation

WHAT TO WATCH:

  • McKesson to buy drug distributor Celesio for $5.4b
  • BofA’s Countrywide found liable for defrauding Fannie, Freddie
  • RR Donnelley to buy Consolidated Graphics for $620m
  • ING Groep raises $974m selling U.S. unit shares at $29.50
  • Fed set to open proposed bank liquidity demand to public comment
  • Boston Scientific to cut 1,100- 1,500 jobs over next 2 yrs
  • Apple fends off $248m demand by Wi-Lan in patent suit
  • Hewlett-Packard is said to be seeking to sell mobile patents
  • YouTube said to plan subscription music service rivaling Spotify
  • AT&T exceeds earnings ests. after adding more subscribers
  • Symantec rev. forecast falls short as turnaround dents sales
  • China’s manufacturing strengthened more than est. this month
  • Credit Suisse 3Q profit misses ests.
  • Volcker rule hedging exemption said disputed by Gensler, Stein
  • Pinterest funding led by Fidelity values startup at $3.8b
  • Sotheby’s faces shareholder calls to sell property, WSJ reports
  • Google experiments with banner ads in search results: NYT
  • Time Warner in agreement to distribute Al Jazeera America: NYT

AM EARNS:

    • 3M (MMM) 7:30am, $1.75 - Preview
    • Alaska Air (ALK) 6:01am, $2.14 - Preview
    • Alexion Pharmaceuticals (ALXN) 6:30am, $0.79 - Preview
    • AllianceBernstein  (AB) 7:02am, $0.39
    • Altria (MO) 6:58am, $0.64 - Preview
    • Autoliv (ALV) 6am, $1.34
    • AutoNation (AN) 6:15am, $0.77
    • Avnet (AVT) 8am, $0.88
    • Ball (BLL) 6am, $0.93
    • Boston Scientific (BSX) 7am, $0.09 - Preview
    • Bunge (BG) 6:30am, $2.23
    • Cameron Intl (CAM) 7:30am, $0.83
    • Celgene (CELG) 7:20am, $1.54 - Preview
    • Cenovus Energy (CVE CN) 6am, $0.48 - Preview
    • Coca-Cola Enterprises (CCE) 7am, $0.80
    • Colfax (CFX) 6am, $0.53
    • Colgate-Palmolive (CL) 7am, $0.73 - Preview
    • Diamond Offshore Drilling (DO) 6am, $1.16 - Preview
    • Domtar (UFS) 7:30am, $1.24
    • Dow Chemical (DOW) 7am, $0.54
    • Dunkin’ Brands (DNKN) 6am, $0.43 - Preview
    • EQT (EQT) 7am, $0.49
    • FLIR Systems (FLIR) 7:30am, $0.32
    • Ford Motor (F) 7am, $0.38 - Preview
    • Franklin Resources (BEN) 8:30am, $0.87
    • GNC (GNC) 8am, $0.76
    • Goldcorp (G CN) 8am, $0.20 - Preview
    • Hercules Offshore (HERO) 7am, $0.07 - Preview
    • Hershey (HSY) 6:58am, $1.01
    • Husky Energy (HSE CN) 7am, $0.54 - Preview
    • International Paper (IP) 7am, $0.93
    • Janus Capital (JNS) 7am, $0.17
    • KKR (KKR) 8am, $0.58
    • Lazard (LAZ) 7am, $0.36
    • McKesson (MCK) 7:31am, $2.04 - Preview
    • Mead Johnson Nutrition (MJN) 7:30am, $0.80 - Preview
    • Noble Energy (NBL) 7:23am, $0.96
    • Patterson-UTI Energy (PTEN) 6am, $0.28
    • Potash of Saskatchewan (POT CN) 6am, $0.41
    • Precision Castparts (PCP) 6am, $2.83
    • Precision Drilling (PD CN) 6am, $0.16 - Preview
    • PulteGroup (PHM) 6:30am, $0.37 - Preview
    • Rayonier (RYN) 8am, $0.46
    • Raytheon (RTN) 7am, $1.33 - Preview
    • Reliance Steel & Aluminum (RS) 8:50am, $1.20
    • Rogers Communications (RCI/B CN) 6:45am, $0.97 - Preview
    • Royal Caribbean Cruises (RCL) 8:31am, $1.64 - Preview
    • Shaw Communications (SJR/B CN) 8:15am, $0.33 - Preview
    • Sirius XM Radio (SIRI) 7am, $0.02
    • Southwest Airlines (LUV) 6:25am, $0.34 - Preview
    • Starwood Hotels & Resorts (HOT) 6am, $0.64 - Preview
    • Timken (TKR) 7:30am, $0.88
    • TRowe Price (TROW) 7:29am, $0.97
    • Under Armour (UA) 7am, $0.66 - Preview
    • United Continental (UAL) 7:30am, $1.55
    • USG (USG) 8:30am, $0.24
    • Valley National Bancorp (VLY) 8am, $0.15
    • Vantiv (VNTV) 7am, $0.41
    • Wabtec (WAB) 8:06am, $0.76
    • Xcel Energy (XEL) 7am, $0.77
    • Xerox (XRX) 6:49am, $0.25
    • Yandex (YNDX) 6am, $8.89
    • Zimmer Holdings (ZMH) 7am, $1.24 - Preview

PM EARNS:

    • Amazon.com (AMZN) 4pm, $(0.10) - Preview
    • Applied Micro Circuits (AMCC) 4:05pm, $0.03
    • BioMarin Pharmaceutical (BMRN) 4:01pm, $(0.31) - Preview
    • CA (CA) 4:05pm, $0.72
    • Cabot Oil & Gas (COG) 5:59pm, $0.17
    • Cerner (CERN) 4:01pm, $0.36 - Preview
    • Chubb (CB) 4pm, $1.90
    • Cincinnati Financial (CINF) 4pm, $0.63
    • Cliffs Natural Resources (CLF) 4:22pm, $0.75 - Preview
    • Compuware (CPWR) 4:13pm, $0.09
    • Deckers Outdoor (DECK) 4pm, $0.72
    • Eastman Chemical (EMN) 4:30pm, $1.64
    • Express Scripts  (ESRX) 4:01pm, $1.08
    • Flowserve (FLS) 4:04pm, $0.84
    • Informatica (INFA) 4:05pm, $0.32
    • Ingram Micro (IM) 4:05pm, $0.53
    • KBR (KBR) 4:09pm, $0.70
    • KLA-Tencor (KLAC) 4:15pm, $0.65
    • Manitowoc (MTW) 4:27pm, $0.32
    • Maxim Integrated (MXIM) 4pm, $0.40
    • Microsoft (MSFT) 4:01pm, $0.54
    • NCR (NCR) 4:02pm, $0.68
    • NetSuite (N) 4:05pm, $0.08
    • Outerwall (OUTR) 4:01pm, $0.88
    • Principal Financial (PFG) 4pm, $0.87
    • Qlik Technologies (QLIK) 4:05pm, $0.03
    • ResMed (RMD) 4:05pm, $0.58
    • Superior Energy Services (SPN) 4:15pm, $0.42
    • Synaptics (SYNA) 4:15pm, $1.23
    • Theravance (THRX) 4:05pm, $(0.79)
    • VeriSign (VRSN) 4:05pm, $0.57
    • Western Digital (WDC) 4:15pm, $2.05 - Preview
    • Wynn Resorts (WYNN) 4:02pm, $1.67
    • Zynga (ZNGA) 4:03pm, $(0.04)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Oil Rises for First Time in Four Days on China Manufacturing
  • Platinum Shortages Extending as Car Sales Quicken: Commodities
  • Gold Climbs on Bets Federal Reserve Stimulus Will Boost Demand
  • Copper Swings Between Gains and Drops on Chinese Interest Rates
  • Wheat Climbs in Chicago as Demand Gains for Supplies Out of U.S.
  • Rubber Advances From Two-Week Low on China Manufacturing Data
  • Potash Corp. Reports 28% Price Slump as Uralkali Raises Output
  • Raw Sugar Near Erasing Brazil Santos Fire Gains; Coffee Advances
  • Asia Boosts West African Crude Oil Imports to 21-Month High
  • Rebar Falls Amid Concern China to Introduce New Property Curbs
  • Fukushima Radiation Prompts Uranium Price Cuts: Energy Markets
  • Singh Spends $2.2 Billion to Triple Oil Reserve: Corporate India
  • China Thermal Coal Imports May Wane in 4Q as Spreads Narrow
  • World Rubber Consumption Seen Climbing as Tire Demand Gains

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