THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – November 6, 2013


As we look at today's setup for the S&P 500, the range is 20 points or 0.68% downside to 1751 and 0.46% upside to 1771.                                              

                                                                                 

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: 2.36 from 2.37
  • VIX closed at 13.27 1 day percent change of 2.63%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Nov. 1 (prior 6.4%)
  • 7:30am: Challenger Job Cuts, Oct., y/y (prior 19.1%)
  • 10am: Leading Index, Sept., est. 0.6% (prior 0.7%)
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to buy $2.75b-$3.5b in 2020-2023 sector
  • 1:10pm: Fed’s Pianalto speaks in Ohio

GOVERNMENT:

  • Election results:
    • Chris Christie, Terry McAuliffe win gubernatorial contests
    • Christie’s landslide victory may bolster White House run
    • N.Y. votes to allow more casinos; Colorado approves pot tax
  • 8:30am: Treasury to release qtrly refunding plan, may comment on debt limit, plans to issue floating notes
  • 10am: HHS Sec. Kathleen Sebelius testifies before Sen. Finance Cmte on plans for fixing health insurance exchange website
  • 1:30pm: Labor Secretary Thomas Perez, former Rep. Patrick Murphy, D-Penn., attend discussion on veterans’ employment
  • 2:30pm: Sen. Lamar Alexander, R-Tenn., testifies before Commerce, Science, Transportation Cmte on science, U.S. economy
  • 2:30pm: HUD Secretary Shaun Donovan, FEMA Administrator Craig Fugate testify at Senate Homeland Security and Governmental Affairs Cmte hearing on recovery from Hurricane Sandy

WHAT TO WATCH:

  • Twitter IPO means more scrutiny of exchanges after FB debacle
  • Wells Fargo said among banks facing U.S. mortgage-bond probes
  • Former crude traders claim proof that oil market is rigged
  • Boeing seeks labor peace with offer to keep 777X in Seattle
  • Washington governor assembles perks to keep Boeing in-state
  • Google may scrap plans for HK data center, Apple Daily says
  • Tesla CEO Musk says battery supply constraining production
  • Revamp of U.S. military force planning delays contract awards

AM EARNS:

    • Ariad Pharmaceuticals (ARIA) 7:35am, $(0.44)
    • Brookfield Infrastructure (BIP) 7:30am, $0.26
    • Carlyle Group (CG) 6:30am, $0.60
    • CenterPoint Energy (CNP) 8:15am, $0.35
    • Chesapeake Energy (CHK) 7:01am, $0.42 - Preview
    • Cimarex Energy (XEC) 6am, $1.55
    • Clean Harbors (CLH) 7:30am, $0.65
    • Coeur Mining (CDE) 8:30am, $(0.22)
    • Devon Energy (DVN) 7am, $1.19 - Preview
    • Duke Energy (DUK) 7am, $1.51
    • Enbridge (ENB CN) 7am, $0.36 - Preview
    • Geo Group (GEO) 7:30am, $0.43
    • HollyFrontier (HFC) 7:30am, $0.62
    • Hospira (HSP) 7:30am, $0.44
    • Humana (HUM) 6am, $2.16
    • ING US (VOYA) 5:50am, $0.65
    • Intact Financial (IFC CN) 6:55am, $0.28
    • Lamar Advertising (LAMR) 6am, $0.18
    • Marsh & McLennan (MMC) 7am, $0.46
    • Molson Coors Brewing (TAP) 7:30am, $1.39
    • NPS Pharmaceuticals (NPSP) 8am, $(0.03)
    • OGE Energy (OGE) 7am, $0.93
    • Penn West Petroleum (PWT CN) 6:31am, $0.06
    • PennyMac Mortgage Investment (PMT) 8:30am, $0.69
    • Pepco Holdings (POM) 6:03am, $0.44
    • PHH (PHH) 8:30am, $0.12
    • Ralph Lauren (RL) 8am, $2.20 - Preview
    • Sinclair Broadcast (SBGI) 7am, $0.24
    • Starz (STRZA) 7:30am, $0.44
    • SunEdison (SUNE) 6am, $(0.13)
    • Time Warner (TWX) 7am, $0.89 - Preview
    • Vonage Holdings (VG) 8am, $0.03

PM EARNS:

    • ACADIA Pharmaceuticals (ACAD) 4:01pm, $(0.12)
    • Activision Blizzard (ATVI) 4:05pm, $0.04
    • Alnylam Pharmaceuticals (ALNY) 4pm, $(0.40)
    • American Water Works Co (AWK) 4:05pm, $0.85
    • Antero Resources (AR) Aft-mkt, $0.20
    • Atmos Energy (ATO) 5:01pm, $0.12
    • Brookdale Senior Living (BKD) 4:43pm, $(0.03)
    • CBS (CBS) 4:01pm, $0.76 - Preview
    • CenturyLink (CTL) 4:05pm, $0.63
    • Chambers Street Properties (CSG) Aft-mkt, $0.18
    • Concho Resources (CXO) 5pm, $1.03
    • Concur Technologies (CNQR) 4:15pm, $0.26
    • Continental Resources (CLR) 5:47pm, $1.49
    • Corrections Corp of America (CXW) 4:15pm, $0.62
    • EOG Resources (EOG) 5:11pm, $2.05
    • Genpact (G) 4pm, $0.26
    • Giant Interactive Group (GA) 5:05pm, $0.23
    • Hersha Hospitality (HT) 4:30pm, $0.13
    • Integrys Energy Group (TEG) 5:07pm, $0.46
    • Mid-America Apartment Communities (MAA) 4:05pm, $1.22
    • Mondelez Intl (MDLZ) 4:01pm, $0.40 - Preview
    • Oasis Petroleum (OAS) 4:15pm, $0.75
    • PDL BioPharma (PDLI) 4:02pm, $0.39
    • Prudential Financial (PRU) 4:07pm, $2.11
    • Qualcomm (QCOM) 4pm, $1.08 - Preview
    • SolarCity (SCTY) 4:01pm, $(0.51)
    • Solera Holdings (SLH) 4:08pm, $0.56
    • Sun Life Financial (SLF CN) 5:10pm, $0.64
    • Tempur Sealy Intl (TPX) 4:03pm, $0.68
    • Tesoro (TSO) 4:30pm, $0.49
    • Transocean (RIG) 4:30pm, $1.07 - Preview
    • US Silica Holdings (SLCA) 4:30pm, $0.41
    • Western Gas Partners (WES) 4:09pm, $0.40
    • Whole Foods Market (WFM) 4:02pm, $0.31 - Preview
    • YY (YY) 4:01pm, $0.31

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Tin Exports From Indonesia Seen Jumping as Buyers Adapt to Rules
  • Platinum Giants Ready to Stare Down Union Over Pay: Commodities
  • WTI Rebounds From Five-Month Low Before U.S. Fuel Supply Data
  • Copper Rises Before U.S. Reports Seen Signaling Further Growth
  • Wheat Climbs on Signs of Demand From Egypt to Iraq; Corn Steady
  • U.S. Cotton Supply Seen Higher as Growing Conditions Improve
  • Gold Sales at Perth Mint Advance in October as Prices Tumble
  • Rebar Futures Fall for Second Day as Construction in China Slows
  • Coal Seen Rebounding in China on Indonesia Curbs: Energy Markets
  • Palm Production in Malaysia May Drop First Time in Eight Months
  • Oil Industry May Invoke Trade Law to Challenge U.S. Export Ban
  • China Targets Steel, Aluminum Overcapacity to Boost Profits
  • Traders Face Curbs on Speculation With CFTC Vote on New Limits
  • Floods to Drought Seen Curbing China’s Corn Harvest: Commodities

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

 

 

 

 

 

 

 

 

 

 

 

 

 


Cartoon of the Day: Acrophobia

"Most people who are making a ton of money right now are focused on growth companies seeing accelerations," Hedgeye CEO Keith McCullough wrote in today's Early Look. "That’s what happens in Quad 1."

read more

People's Bank of China Spins China’s Bad-Loan Data

PBoC Deputy Governor Yi says China's non-performing loan problem has “pretty much stabilized." "Yi is spinning. China’s bad-debt problem remains serious," write Benn Steil and Emma Smith, Council on Foreign Relations.

read more

UnderArmour: 'I Am Much More Bearish Than I Was 3 Hours Ago'

“The consumer has a short memory.” Yes, Plank actually said this," writes Hedgeye Retail analyst Brian McGough. "Last time I heard such arrogance was Ron Johnson."

read more

Buffalo Wild Wings: Complacency & Lack of Leadership (by Howard Penney)

"Buffalo Wild Wings has been plagued by complacency and a continued lack of adequate leadership," writes Hedgeye Restaurants analyst Howard Penney.

read more

Todd Jordan on Las Vegas Sands Earnings

"The quarter actually beat lowered expectations. Overall, the mass segment performed well although base mass lagging is a concern," writes Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan on Las Vegas Sands.

read more

An Update on Defense Spending by Lt. Gen Emo Gardner

"Congress' FY17 omnibus appropriation will fully fund the Pentagon's original budget request plus $15B of its $30B supplemental request," writes Hedgeye Potomac Defense Policy analyst Lt. Gen Emerson "Emo" Gardner USMC Ret.

read more

Got Process? Zero Hedge Sells Fear, Not Truth

Fear sells. Always has. Look no further than Zero Hedge.

read more

REPLAY: Review of $EXAS Earnings Call (A Hedgeye Best Idea Long)

Our Healthcare Team made a monster call to be long EXAS - hear their updated thoughts.

read more

Capital Brief: 5 Things to Watch Right Now In Washington

Here's a quick look at some key issues investors should keep an eye on from Hedgeye's JT Taylor and our team of Washington Policy analysts in D.C.

read more

Premium insight

[UNLOCKED] Today's Daily Trading Ranges

“If I could only have one thing of the many things we have it would be my daily ranges." Hedgeye CEO Keith McCullough said recently.

read more

We'll Say It Again: Leave Your Politics Out of Your Portfolio

If your politics dictates your portfolio positioning, the Democrats and #NeverTrump crowd out there have had a hell of a week.

read more

Cartoon of the Day: 'Biggest Tax Cut Ever'

President Donald Trump's economic team unveiled what he called last week, "the biggest tax cut we’ve ever had.” Before you get too excited about that hang on a sec. "Trump Tax Reform ain’t gettin’ done anytime soon," Hedgeye CEO Keith McCullough wrote in today's Early Look.

read more