THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – October 28, 2013


As we look at today's setup for the S&P 500, the range is 36 points or 1.18% downside to 1739 and 0.87% upside to 1775.                              

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.21 from 2.21
  • VIX closed at 13.09 1 day percent change of -0.83%

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:15am: Capacity Utilization, Sept., est. 78.0% (prior 77.8%)
  • 10am: Pending Home Sales m/m, Sept., est. 0.0% (prior -1.6%)
  • 10:30am: Dallas Fed Manufacturing , Oct., est. 9 (prior 12.8)
  • 11am: Fed to purchase $4.25b-$5.25b in 2017-2018 sector
  • 11:30am: U.S. to sell $34b 3M bills, $30b 6M bills
  • 1pm: U.S. to sell $32b 2Y notes
  • 2pm: Monthly Budget Stmt, Sept., est. $67.0b (prior $75.2b)

GOVERNMENT:

    • House, Senate in session
    • FCC discusses rural comms., 700MHz commer. spectrum, 11:30am
    • U.S. Mortgage Bankers Assn annual convention; speakers include former President George W. Bush, Fannie Mae CEO Timothy Mayopoulos, Freddie Mac CEO Don Layton, CFPB Director Richard Cordray, Sen. Elizabeth Warren, D-Mass.

WHAT TO WATCH:

  • JPMorgan to pay $5.1b to settle w/ Fannie, Freddie: FHFA
  • Provenge maker Dendreon said to be seeking takeover offers
  • Obamacare insurance websites limited by Verizon data failure
  • Snapchat financing round may value co. at $3.5b: AllThingsD
  • Facebook said to be rebuffed by Snapchat over possible deal
  • China signals “unprecented” policy changes at Plenum
  • Pension funds move into reinsurance’s cat risk business
  • DirecTV, Time Warner Cable said to consider Aereo-type services
  • Disney to show new cartoon through iPad first, NYT says
  • Numericable said to seek IPO valuation of up to $8.3b
  • Twitter IPO test-run successful, WSJ says, citing NYSE
  • GM looking to expand lead in China with Chevy SUVs
  • Ford CEO doesn’t regret conservative China approach: SCMP
  • Idaho debates use of private prisons, WSJ says
  • U.K. storm leaves 220k homes w/o power: U.K. Energy Network
  • “Bad Grandpa” takes first place at N. Am. wknd box office
  • Retail sales probably slowed in Sept.: U.S. Economy Preview
  • Fed Meeting, BOJ, Iran Talks, Apple: Wk Ahead Oct. 26-Nov. 2

AM EARNS:

    • Biogen Idec (BIIB) 6:30am, $2.09
    • CNA Financial (CNA) 6am, $0.76
    • Loews (L) 6am, $0.77
    • Merck (MRK) 7am, $0.87 - Preview
    • Roper Industries (ROP) 7am, $1.45
    • Scorpio Tankers (STNG) 7:56am, $0.01
    • Tenneco (TEN) 8am, $0.94

PM EARNS:

    • Allison Transmission Holdings (ALSN) 4:01pm, $0.38
    • American Capital Agency (AGNC) 4:01pm, $0.81
    • Amkor Technology (AMKR) 4:09pm, $0.10
    • Apple (AAPL) 4:30pm, $7.91
    • Arch Capital Group (ACGL) 4:01pm, $0.92
    • CNO Financial Group (CNO) 4:03pm, $0.28
    • Edwards Lifesciences (EW) 4:01pm, $0.66
    • Extra Space Storage (EXR) 4pm, $0.52
    • FMC (FMC) 4:15pm, $0.84
    • General Growth Properties (GGP) 4:01pm, $0.28
    • Hartford Financial Services (HIG) 4:15pm, $0.84
    • HealthSouth (HLS) 4:30pm, $0.43
    • Herbalife (HLF) 4:10pm, $1.14
    • Integrated Device Technology (IDTI) 4:01pm, $0.08
    • Macerich (MAC) Aft-mkt, $0.83
    • Masco (MAS) 5:09pm, $0.25
    • Norwegian Cruise Line (NCLH) 4pm, $0.85
    • Oceaneering International (OII) 5:01pm, $0.94
    • Olin (OLN) 6pm, $0.64
    • Plum Creek Timber (PCL) 4:04pm, $0.42
    • PMC-Sierra (PMCS) 4:05pm, $0.10
    • Riverbed Technology (RVBD) 4:05pm, $0.23
    • Seagate Technology (STX) 4:01pm, $1.31 - Preview
    • Titan International (TWI) 4:30pm, $0.25

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Rises for Third Day on Speculation Fed to Keep Stimulus
  • Tin Advancing 8% for BNP as Indonesia Spurs Swings: Commodities
  • Brent Rises From 11-Week Low Before Federal Reserve Meeting
  • Gold Swings Near Five-Week High Before Fed Begins Policy Meeting
  • Russia Cuts Gold Assets for 1st Time in Year as Prices Drop
  • Palm Oil Gains as Much as 0.4% to 2,454 Ringgit, Erasing Losses
  • LME Copper Premiums at Record High as Inventories Fall: BI Chart
  • Crop Yields May Be Curbed by Australia Frost, GrainCorp Says
  • Stocks Top Gold by Most Since ’97 on Fed Delay: Chart of the Day
  • China Refinery Boom Cuts Margins for Asia Rivals: Energy Markets
  • Zimbabwe Considering Structure of International Mining Bond
  • Palm May Rally on Inverse Head-and-Shoulders: Technical Analysis
  • Indonesia Coal Drowning Seaborne Market, Relief May Be Ahead
  • Rubber Gains on Weaker Yen, Optimism Chinese Demand Will Rise

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team