THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 9, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 0.75% downside to 1949 and 1.08% 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: 2.06 from 2.05
  • VIX closed at 11.98 1 day percent change of 5.74%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 4 (prior -0.2%)
  • 10:30am: DOE Energy Inventories
  • 2pm: Fed releases minutes from June 17-18 FOMC meeting
  • 2:30pm: ECB’s Draghi speaks in London

 

GOVERNMENT:

    • President Obama delivers remarks on the economy in Denver’s Cheesman Park; meets with Texas Gov. Rick Perry to discuss crisis on border
    • Treasury Sec. Jack Lew, Sec. of State John Kerry participate in sixth round of U.S.-China Strategic and Economic Dialogue in Beijing
    • 9:45am: Senate Foreign Relations Cmte hearing on Russia and developments in Ukraine
    • 10am: Senate Homeland Security Cmte hearing on issues at Mexico border, including unaccompanied children arriving from Central America
    • 2:30pm: Senate Commerce Cmte hearing on student athletes

 

WHAT TO WATCH:

  • AbbVie seen raising Shire offer fifth time to win tax break
  • AbbVie says it hasn’t got written support for Shire offer
  • Salix to move to Ireland in Cosmo Pharma tax inversion deal
  • Citigroup said near mortgage accord as NYT cites $7b deal
  • Citigroup distressed-debt head Balkan said to join Silver Point
  • Alcoa profit beats estimates as aluminum smelting unit recovers
  • SEC’s high-speed trader plan embraced by funds incl. Invesco
  • Allergan said to plan expanded cost cuts amid Valeant defense
  • American Airlines said to near $2.6b CFM jet-engine order
  • Amazon offers authors all e-book proceeds amid Hachette dispute
  • Calpers may not get special protection in bankruptcy: judge
  • America Movil to break up Mexico unit amid regulator demands
  • Big question for Brazil mkts post-cup concerns protests: SocGen
  • Media moguls gather at Allen & Co. conference in Sun Valley
  • Wallenberg family’s EQT in hunt for Swedish fiber riches
  • Pfizer wins bid to have Celebrex investor suits dismissed
  • Short selling falls to lowest point since before crisis: FT
  • Finra sending “sweep letters” on retail broker routing: WSJ
  • China producer prices fall at slowest pace in 2 years
  • Gaza rockets reach Tel Aviv, Jerusalem amid troops build-up
  • Fed watcher’s guide to minutes: rate increase date, jobs outlook

 

EARNINGS:

    • Cogeco Cable (CCA CN) Aft-mkt, C$1.23 - Preview
    • Helen of Troy (HELE) 4:01pm, $0.93
    • MSC Industrial (MSM) 7:30am, $1.07
    • WD-40 (WDFC) 4pm, $0.72

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Corn Falls Near Four-Year Low on Outlook for Record U.S. Harvest
  • Gold Gains in London as Palladium Trades Near 13-Year High
  • Russia Loans Shrink as Sanctions Spur Bank Retreat: Commodities
  • Brent Crude Trades Near One-Month Low With WTI Oil on Supplies
  • Ukraine Risk Premium Fading for EU Gas on Ballooning Inventories
  • Gold Bulls Run as Holdings in Biggest ETP Erase Decline in 2014
  • Aluminum Touches One-Year High as Alcoa Projects Larger Deficit
  • Libya Plans Gradual Oil Exports Increase to Avoid Disrupting Mkt
  • Steel Rebar in Shanghai Falls as China Factory-Gate Prices Drop
  • Rubber Falls to 3-Week Low Amid Concerns China May Cut Imports
  • Copper Bulls Returned on LME in Marex Spectron Analysis
  • Japan Buys 33,395 Tons of Feed Barley in Tender Today
  • Copper Seen by Goldman Grinding Lower as Demand in China Wanes
  • Buzzard Share in Forties Crude Drops to 5-Mth low Last Week: BP

 

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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