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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 15, 2014


As we look at today's setup for the S&P 500, the range is 31 points or 1.17% downside to 1954 and 0.40% 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 2.09
  • VIX closed at 11.82 1 day percent change of -2.15%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: Retail Sales, m/m, June, est. 0.6% (prior 0.3%)
  • Retail Sales Ex Auto, m/m, June, est. 0.5% (prior 0.1%)
  • 8:30am: Empire Manufacturing, July, est. 17 (prior 19.28)
  • 8:55am: Redbook weekly sales
  • 10am: Business Inventories, May, est. 0.6% (prior 0.6%)
  • 10am: Fed’s Yellen Gives Semi-Annual Testimony to Senate panel

GOVERNMENT:

    • FEC reporting deadline for some PACs and parties
    • 10am: FDIC board meets in open session
    • 10am: CBO releases long-term budget outlook
    • 10am: DoD spending bill mkup at Senate Appros. subctme
    • 10am: Senate Judiciary Cmte hearing on S.1696 to prohibit certain limits, requirements for abortion service access
    • 10am: Subcmte on oversight & investigations of House Fin Svcs Cmte on DoJ’s Operation Choke Point consumer lending program
    • 2pm: Joint Economic Cmte holds hearing to assess 5 years of economic recovery
    • 4pm: Reps.  Nancy Pelosi, John Larson, introduce companion to Senate’s proposed campaign finance constitutional amendment
    • U.S. ELECTION WRAP: Drs. for Congress; Bechtel, Schwab Giving

WHAT TO WATCH:

  • Fed Chair Yellen gives semi-annual testimony to Senate
  • U.S. said to push EU envoys for additional Russia sanctions
  • Boeing said to be near orders from lessors of $9.2b in planes
  • Airbus’s $21b in sales tops Boeing at Farnborough opening
  • Draft U.S. defense bill funds 34 F-35 JSFs, extra ship
  • German Zew investor confidence falls for seventh month
  • Sprint said to plan for long U.S. review of T-Mobile purchase
  • Citi, Discover, others to report June credit-card charge-offs
  • Microsoft said to announce job cuts as soon as this week
  • U.S. DoJ probes price coordination among music publishers: WSJ
  • Facebook, Nielsen to track TV viewing habits on devices
  • Alibaba, Lions Gate to start China video streaming service
  • Staples, Postal Service end plans for mini offices: WSJ
  • Novartis to license Google’s “smart lens” technology
  • Oil, railroad lobbies offer plan to phase out old tank cars
  • More energy cos. seen seeking condensate export access
  • U.S.’s Levin calls AbbVie deal tax inversion “wake-up call”
  • N.Y. AG says data breaches more than tripled in 2006-13
  • FedEx says U.S. DoJ to treat asbestos case as criminal
  • President Obama to deliver speech on economy in McLean, Va.

AM EARNS:

    • Comerica (CMA) 6:40am, $0.76
    • Commerce Bancshares (CBSH) 7:00am, $0.68
    • Goldman Sachs Group (GS) 7:35am, $3.09 - Preview
    • JB Hunt Transport Services (JBHT) 8:30am, $0.79 - Preview
    • Johnson & Johnson (JNJ) 7:45am, $1.55  - Preview
    • JPMorgan Chase & Co (JPM) 6:59am, $1.31 - Preview
    • Wolverine World Wide (WWW) 6:30am, $0.27

PM EARNS:

    • AAR (AIR) 4:05pm, $0.41
    • ADTRAN (ADTN) 8:15pm, $0.30
    • Boston Private Financial (BPFH) 4:05pm, $0.20
    • Cintas (CTAS) 4:15pm, $0.75
    • CSX (CSX) 4:01pm, $0.52
    • Intel (INTC) 4:01pm, $0.52 - Preview
    • Interactive Brokers Group (IBKR) 4:01pm, $0.29
    • Pinnacle Financial Partners (PNFP) 5:30pm, $0.48
    • Yahoo! (YHOO) 4:05pm, $0.38 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Front-Month Contango at $1/Bbl for First Time in 4 Years
  • Brent Crude Falls to Three-Month Low on Supply; WTI Near $100
  • Asia Chocolate Binge Compounds World Cocoa Shortage: Commodities
  • Albemarle to Buy Rockwood in Cash & Stock Deal Valued at $6.2b
  • Zinc Lured East as Mitsui Sees Support for Premiums in Asia
  • Copper Slips Before Yellen Testifies to Legislators on Policy
  • Crop Sowing in India Seen Gathering Pace as Monsoon Revives
  • North Dakota Expects ‘Big Surge’ in Oil Output Through Aug.
  • Corn to Soybeans Decline as U.S. Crops in Best Shape Since 1994
  • Marcellus Natural Gas in Northeast Drives Record U.S. Output
  • Steel Rebar Falls as Investors Sell After China FDI, Loan Data
  • Palm Imports by India Drop for Second Month as Sunflower Climbs
  • U.S. Condensate Producers Seen Jumping on Export Bandwagon
  • Strong El Nino Seen Unlikely by Australia as Pacific Ocean Cools

 

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