THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – November 8, 2013


As we look at today's setup for the S&P 500, the range is 26 points or 0.58% downside to 1737 and 0.91% upside to 1763.                                                          

                                                                     

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: 2.32 from 2.32
  • VIX closed at 13.91 1 day percent change of 9.79%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chg in Nonfarm Payrolls, Oct, est. 120k (prior 148k)
  • 8:30am: Personal Income, Sept., est. 0.3% (prior 0.4%)
  • 9:55am: UofMich. Confidence, Nov. prelim., est. 74.2 (pr 73.2)
  • 11am: Fed buys $4.75b-$5.75b in 2018-2019 sector
  • 12pm: Fed’s Lockhart speaks in Oxford, Miss.
  • 1pm: Baker Hughes rig count
  • 3:30pm: Fed’s Bernanke speaks at IMF in Washington
  • 6pm: Fed’s Williams speaks in Los Angeles

 

GOVERNMENT:

    • 1:10pm: President Obama speaks on economy, exports New Orleans
    • 2pm: Brookings Inst. discussion on military consequences of sequestration, with Pratt & Whitney’s Jay DeFrank, Booz Allen Hamilton’s Jack Mayer

WHAT TO WATCH:

  • Payroll gains in U.S. probably cooled amid government shutdown
  • Elan, Wyeth investors seek to block SAC’s plea deal
  • Boeing ready to seek place for 777X work outside of Seattle
  • Boeing says 787-9 development on track; 787-10 progressing
  • McDonald’s Oct. sales seen improving on new products
  • Adobe user data found on web after security breach: Reuters
  • Microsoft heir apparent said to mull move away from Windows
  • Priceline 4Q adj. EPS view trails est.; new CEO named
  • Disney falls after ESPN division registers rare profit decline
  • Danaher, Blackstone said to unite on J&J unit bid: Reuters
  • Airlines collecting data on passengers for study, WSJ says
  • Wal-Mart wage protest leads to 50 arrests, Reuters says
  • France cut to AA vs AA+ at S&P; outlook to stable vs negative
  • MSCI announces results of semiannual index review
  • U.S. Budget, Japan Growth, BOE Forecasts: Wk Ahead Nov. 9-16

EARNINGS:

    • Air Canada (AC/A CN) 6am, $1.04
    • Apollo Investment (AINV) 7:30am, $0.21
    • Aqua America (WTR) 7:30am, $0.36
    • Bankers Petroleum (BNK CN) 8am, $0.07
    • Brookfield Asset Mgmt (BAM/A CN) 6:01am, $0.56
    • Cablevision (CVC) 8:30am, $0.12 - Preview
    • Covidien (COV) 6am, $0.90
    • Crosstex Energy (XTEX) 6:30am, $(0.15)
    • DiamondRock Hospitality (DRH) 7:30am, $0.19
    • Eldorado Gold (ELD CN) 7am, $0.07
    • Emera (EMA CN) 7:10am, $0.35
    • EW Scripps (SSP) 7:30am, $(0.05)
    • Halozyme Therapeutics (HALO) 7am, $(0.16)
    • HMS Holdings (HMSY) 7:30am, $0.23
    • Leap Wireless Intl (LEAP) 9am, $(1.20)
    • Lions Gate Entertainment (LGF) 7am, $0.06
    • Magnum Hunter Resources (MHR) 7am, $(0.18)
    • Osisko Mining (OSK CN) 7am, $0.05
    • Telus (T CN) 6am, $0.54 - Preview
    • Tesoro Logistics (TLLP) 4:30pm, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Corn Trades Near Three-Year Low Before U.S. Reports Bigger Crop
  • Copper Trade Most Bullish in Eight Months on China: Commodities
  • WTI Crude Trades Near Five-Month Low as Supply Outpaces Recovery
  • Copper Swings Between Gains and Drops Amid European Slowdown
  • Gold Trades Above Three-Week Low in London Before U.S. Jobs Data
  • Cocoa Extends Drop as West African Harvest Advances; Sugar Rises
  • Rebar Posts Weekly Decline as Shanghai Curbs Housing Purchases
  • China’s Soybean Imports Fall to Six-Month Low as Supply Declines
  • Corn Bottoming as Bear Traders Look for Exit: Chart of the Day
  • Two Indian Refiners Forego Iran Oil as Rival Gets Free Shipping
  • New Iron Ore Supply May Create Surplus in 2014: Bear Case
  • Southwest to United Boosted by Fading Jet Rally: Energy Markets
  • Gold Fields’ Holland Says 400 Ghana Jobs May Be Cut by Year-End
  • Commodities May Drop 11% to Lowest Since ’10: Technical Analysis

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

 

 

 

 

 

 

 

 

 

 

 

 

 


Another French Revolution?

"Don't be complacent," writes Hedgeye Managing Director Neil Howe. "Tectonic shifts are underway in France. Is there the prospect of the new Sixth Republic? C'est vraiment possible."

read more

Cartoon of the Day: The Trend is Your Friend

"All of the key trending macro data suggests the U.S. economy is accelerating," Hedgeye CEO Keith McCullough says.

read more

A Sneak Peek At Hedgeye's 2017 GDP Estimates

Here's an inside look at our GDP estimates versus Wall Street consensus.

read more

Cartoon of the Day: Green Thumb

So far, 64 of 498 companies in the S&P 500 have reported aggregate sales and earnings growth of 6.1% and 16.8% respectively.

read more

Europe's Battles Against Apple, Google, Innovation & Jobs

"“I am very concerned the E.U. maintains a battle against the American giants while doing everything possible to sustain so-called national champions," writes economist Daniel Lacalle. "Attacking innovation doesn’t create jobs.”

read more

An Open Letter to Pandora Management...

"Please stop leaking information to the press," writes Hedgeye Internet & Media analyst Hesham Shaaban. "You are getting in your own way, and blowing up your shareholders in the process."

read more

A 'Toxic Cocktail' Brewing for A Best Idea Short

The first quarter earnings pre-announcement today is not the end of the story for Mednax (MD). Rising labor costs and slowing volume is a toxic cocktail...

read more

Energy Stocks: Time to Buy? Here's What You Need to Know

If you're heavily-invested in Energy stocks it's been a heck of a year. Energy is the worst-performing sector in the S&P 500 year-to-date and value investors are now hunting for bargains in the oil patch. Before you buy, here's what you need to know.

read more

McCullough: ‘My 1-Minute Summary of My Institutional Meetings in NYC Yesterday’

What are even some of the smartest investors in the world missing right now?

read more

Cartoon of the Day: Political Portfolio Positioning

Leave your politics out of your portfolio.

read more

Jim Rickards Answers the Hedgeye 21

Bestselling author Jim Rickards says if he could be any animal he’d be a T-Rex. He also loves bonds and hates equities. Check out all of his answers to the Hedgeye 21.

read more

Amazon's New 'Big Idea': Ignore It At Your Own Peril

"We all see another ‘big idea’ out of Amazon (or the press making one up) just about every day," writes Retail Sector Head Brian McGough. "But whatever you do, DON’T ignore this one!"

read more