THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 8, 2014


As we look at today's setup for the S&P 500, the range is 19 points or 0.59% downside to 1966 and 0.37% upside to 1985.                                                   

                                                                            

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: 2.09 from 2.10
  • VIX closed at 11.33 1 day percent change of 9.79%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business Optimism, June, est. 97.0 (prior 96.6)
  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 10am: JOLTs Job Openings, May, est. 4.35m (prior 4.455m)
  • 1pm: Fed’s Lacker speaks in Charlotte, N.C.
  • 1:45pm: Fed’s Kocherlakota speaks in Minneapolis
  • 3pm: Consumer Credit, May, est. $20b (prior $26.847b)
  • 4:30pm: API weekly oil inventories

 

GOVERNMENT:

    • House returns from recess, Senate in session
    • 6am: Quinnipiac releases survey focusing on public opinion of 2016 presidential race, 2014 congressional races
    • 10am: ICE CEO Sprecher, Citadel CEO Griffin, BATS Global CEO Ratterman scheduled to appear before Senate Banking Cmte on regulation’s role in mkt structure,  electronic trading
    • Comments close on proposed Fed rule prohibiting one financial co. combining with another where resulting co.’s liability ratio is >10% aggregate consolidated liabilities of all financial cos.
    • U.S. ELECTION WRAP: Libertarian Effect; Outside Attacks, Money

 

WHAT TO WATCH:

  • Commerzbank said next to face penalties in U.S. sanctions probe
  • GM refrains from recalling rusted brake lines; complaints rise
  • Deutsche Bank’s Jeffrey Mayer said leaving for role at Cerberus
  • Macquarie buys U.S. terminals business in commodities expansion
  • Tesla sued in China by businessman in dispute over trademark
  • Treasury 3-year note slide boosts yield before $27b sale
  • Samsung sees smartphone rebound as profit misses estimates
  • Intel takes on Qualcomm with rival connected-devices standard
  • Banks dreading drained accounts call for U.S. cyber war council
  • Air France-KLM cuts profit goal on overcapacity, weak cargo
  • Philips Healthcare chief leaves after “disappointing” profit
  • ICE, Citadel, BATS CEOs appear before Senate committee
  • Apple CEO Cook said seeking to expand board of directors: WSJ
  • S&P says Boeing faces L/T credit risk if Ex-Im shuts: WSJ
  • Maersk takes $1.7b writedown on Brazilian oil assets
  • Japan posts fourth straight current-account surplus in May
  • U.K. manufacturing unexpectedly slumps most since Jan. 2013
  • Israel strikes Gaza by air, sea in operation to halt rockets

 

EARNINGS:

    • Aerovironment (AVAV) 4:10pm, $0.22
    • Alcoa (AA) 4:03pm, $0.12
    • Bob Evans Farms (BOBE) 4pm, $0.41
    • Container Store (TCS) 4:05pm, ($0.06)
    • Jean Coutu Group (PJC/A CN) 7am, C$0.30

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Oil Erases Iraq Rally With Price Below When Mosul Seized
  • Soybeans Hurt by Weak Indian Rains to Boost Cooking Oil Imports
  • Gold Industry Seen Wanting Independent Administrator for Fixing
  • Soybeans Slide as Crop Conditions Indicate Record U.S. Harvest
  • Rubber Recovers From Three-Week Low on Optimism Demand to Rise
  • Metals May Benefit From China Easing, Morgan Stanley Says
  • Challengers Pledge to Do More for Indonesia’s Shrinking Forests
  • Egypt Plans Tax on Crops Such as Rice That Consume More Water
  • Indon Ore Ban Seen Remaining After Presidential Poll, ANZ Says
  • Panoramic May Restart Nickel Mine After Six-Year Halt
  • Citic Resources Starts Legal Action to Recover Port Material
  • Japan Seeks to Buy 109,303 Tons Milling Wheat in Tender July 10
  • Ivory Coast Floods Keep Some Cocoa Farmers From Delivering Beans
  • Gold Shines Again as Hedge Funds Increase Holdings: 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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