THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 10, 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

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EQUITY SENTIMENT:

 

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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):

  • 8:30am: Initial Jobless Claims, July 5 est. 315k (prior 315k)
  • Continuing Claims, June 28 est. 2.565m (prior 2.579m)
  • 8:30am: Bloomberg July U.S. Economic Survey
  • 9:45am: Bloomberg Consumer Comfort, July 6 (prior 36.4)
  • 10am: Wholesale Inventories m/m, May, est. 0.6% (prior 1.1%)
  • Wholesale Trade Sales m/m, May (prior 1.3%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 1:15pm: Fed’s George speaks in Shawnee, Okla.

GOVERNMENT:

    • House, Senate in session
    • Obama attends DNC event in Austin before delivering a speech on the economy
    • 6:30am: Sec. of State John Kerry, Treasury Sec. Jack Lew hold press conf. after meeting Chinese President Xi Jinping
    • 10am: SEC’s Investor Advisory Cmte public meeting; topics incl. market structure
    • 10am: House Finl Svcs Cmte hearing on Fed accountability
    • 10am: House Ways and Means  markup incl. highway transportation H.R. 5021
    • 2:30pm Homeland Security Sec. Johnson, HHS Sec. Mathews Burwell at Senate Appros. Cmmte on Obama border spending request
    • U.S. ELECTION WRAP: Senate Avoids Gun Debate; Immigration

WHAT TO WATCH:

  • Bullard says unemployment drop to push inflation above 2%
  • IBM invests $3b in chips amid talks to sell division
  • China exports trail estimates as global demand limited
  • Prime money funds to float price in plan said headed to SEC
  • American Apparel strikes $25m rescue deal with investor
  • Apple bid for Samsung sales ban pitched as more modest
  • McDonald’s Puerto Rican franchisees say co. broke FTC rule
  • Mohegan Sun chases new mkts as Connecticut casino sales slide
  • Slim plots Peru to Brazil spending as Mexico unit splinters
  • Aereo can operate like cable TV after Supreme Court case
  • Burberry sales to Chinese ease concern of fading luxury luster
  • June U.S. comp. sales seen inline, helped by weather
  • Gtech to make offer for Intl Game Technology soon: Repubblica
  • Google to create $100m European venture capital fund: FT
  • Bank of England signals skepticism over lenders’ risk modeling
  • China said to probe alleged money laundering by Bank of China
  • Israel calls up 20,000 troops for possible Gaza ground invasion

EARNINGS:

    • Barracuda Networks (CUDA) 4:15pm, $0.03
    • Corus Entertainment (CJR/B CN) 7am, C$0.51
    • Family Dollar Stores (FDO) 7am, $0.89
    • PriceSmart (PSMT) 4pm, $0.70
    • Progressive (PGR) 8:40am, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

  • WTI Crude Heads for Record-Long Slump on Supplies; Brent Slides
  • Standard Bank Starts Legal Proceedings in China as Aluminum Held
  • Shale Seen Shifting Flows at America’s Biggest Oil Port: Energy
  • Gold’s ‘Mr. Fixit’ Using Low-Cost Model on Platinum: Commodities
  • OPEC Sees Lowest Demand for Its Crude Since 2009 Amid U.S. Boom
  • Sugar Output in India Climbing as Dams Counter Rain Shortage
  • Gold Climbs to 3-Month High as Palladium at Highest Since 2001
  • Aluminum Premiums Seen Dropping in Reprieve for Beer Makers
  • Citigroup Sees More Copper Held Out of China in Financing Shift
  • Tin Shipments From Indonesia Hold Near Five-Month High in June
  • Corn Holds Below $4 as Soybeans Set for Longest Slump Since 1981
  • China Copper Imports to Weaken in July Amid Qingdao Probe: ANZ
  • No End in Sight for German Power-Price Volatility at 10-Year Low
  • Gold in India Jumps Most Since September as Jaitley Keeps Curbs

 

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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