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TODAY’S S&P 500 SET-UP – July 11, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 0.59% downside to 1953 and 1.03% 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: 2.08 from 2.08
  • VIX closed at 12.59 1 day percent change of 8.07%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 1pm: Baker Hughes rig count
  • 2:00pm: Monthly Budget Stmt, June, est. $79.0b

GOVERNMENT:

    • House will vote on H.R. 4718, legislation to make bonus depreciation permanent; White House said it would veto the bill
    • Commerce Dept releases final decision on anti-dumping, countervailing duties on oil country tubular goods from 9 countries including Korea
    • U.S. ELECTION WRAP: Poll Accuracy; Attack Ads; Fundraising

WHAT TO WATCH:

  • Reynolds said near deal to buy Lorillard with BAT blessing
  • Whirlpool to buy $1b Indesit stake in European expansion
  • AbbVie said to nudge top Shire investors to urge deal talks
  • Farnborough air show to focus on existing models
  • Espirito Santo discloses EU1.2b exposure to GES
  • Alibaba nears SEC assent as biggest IPO causes few U.S. ripples
  • Gap falls after posting unexpected drop in June comp sales
  • Caesars said to tap Kirkland & Ellis to lead restructuring talks
  • Nowotny says no ECB action needed now as stimulus takes hold
  • Oil demand seen by IEA rising fastest since ’10 on China growth
  • July WASDE for corn, soybean, cotton, wheat released at noon
  • SoundCloud music service said to near deals with record labels
  • Apple bid for Samsung U.S. sales ban pitched as more modest
  • China, U.S. highlight steps on yuan, investment pact post talks
  • VW outsells GM in China to remain on track for repeat sales win
  • Google to send executives to Europe to discuss privacy: NYT
  • German, French business lobbies criticize U.S. bank fines: FAZ
  • Yellen Testimony, China GDP, GM, JPMorgan: Wk Ahead July 12-19

EARNINGS:

    • Fastenal (FAST) 6:50am, $0.44 - Preview
    • Wells Fargo (WFC) 8am, $1.01 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • CME/Thomson Reuters to Run Replacement for Silver Fix in August
  • Grain Prices Seen Falling in OECD-FAO Outlook as Supply Rises
  • Palm Oil Imports by India Sliding as Buyers Like Sunflowers
  • Milk Output Gain Poised to Spur 5-Year Global Glut: Commodities
  • WTI Set for Third Weekly Drop as Supply Risks Ease; Brent Falls
  • Sugar Output in India to Rise First Time in Three Years on Yield
  • MORE: Shanghai Exchange Copper Inventory Rises to 5-Week High
  • Record U.S. Soybean Crop Spurs Storage Crunch as Prices Drop
  • Tin Losing to Nickel as Indonesia Calls Shots: Chart of the Day
  • Prepare for Oil to Keep Falling on Libya to U.S. Supply: Energy
  • Gold Heads for Longest Weekly Rally Since March on Haven Demand
  • Rapeseed Prices Seen Extending Decline on Ample European Supply
  • Gold Traders Resume Bullish Outlook as Haven Demand Increases
  • Pollution Permits to Gain 28% as EU Cuts Glut: Carbon & Climate

 

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