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TODAY’S S&P 500 SET-UP – July 16, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 0.88% downside to 1956 and 0.59% upside to 1985.                                    

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1A

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.07 from 2.07
  • VIX closed at 11.96 1 day percent change of 1.18%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 6am: ECB publishes report on international role of euro
  • 7am: MBA Mortgage Applications, week of July 11 (prior 1.9%)
  • 8:30am: PPI Final Demand, m/m, June, est. 0.2% (prior -0.2%)
  • 9am: Net Long-Term TIC Flows, May, est. $25b (prior -$24.2b)
  • 9:15am: Industrial Prod., m/m, June, est. 0.3% (prior 0.6%)
  • 10am: NAHB Housing Market Index, July, est. 50 (prior 49)
  • 10am: Fed’s Yellen gives semi-annual testimony to House cmte
  • 10am: Bank of Canada seen maintaining 1% benchmk interest rate
  • 10:30am: DOE Energy Inventories
  • 12pm: Fed’s Fisher speaks in Los Angeles
  • 2pm: Fed releases Beige Book

GOVERNMENT:

    • U.S. House passes short-term fix for Highway Trust Fund
    • Hillary Clinton doesn’t comment on 2016 bid on Daily Show
    • 9:30am: Senate Commerce, Armed Services Cmtes hold joint hearing on domestic space access
    • 10am: House Rules Cmte considers resolution allowing House of Representatives to sue President Obama
    • 10am: House Budget Cmte hears from CBO Director Douglas Elmendorf on long-term budget outlook
    • 10am: Senate Banking subcmte holds “What Makes a Bank Systemically Important?” hearing
    • 10am: Senate Veterans Affairs Cmte hears from acting VA Secretary Sloan Gibson on state of VA health care
    • 11:15am: Sens. Blumenthal, D-Conn., Casey, D-Pa., hold news conf. to introduce bill that would “make it a crime for a corporate officer to knowingly conceal the fact that a corporate action or product poses a danger of death or serious physical injury to consumers and workers”
    • 1:15pm: Reps. Fitzpatrick, R-Pa., Murphy, R-Pa., hold conf. call on H.R. 3717, a bill that would address “the need to fix our nation’s broken health system”

WHAT TO WATCH:

  • Bipartisan bill targets FSOC secrecy; Treasury concerned
  • Obama administration seeks swift curb on offshore tax deals
  • IBM, Apple to cooperate on business solutions software
  • IGT to be bought by GTech for $18.25/share
  • Uber valuation may exceed $200b: Google Ventures head
  • Intel CEO sees evidence of renewed interest in consumer PC
  • Alibaba valued at as much as $150b in private trades: WSJ
  • Co. said likely to sell more shares in IPO as Yahoo holds
  • 3M to buy Sumitomo Electric’s stake in venture for $885m
  • Microsoft to cut 1,000 Finnish jobs: Helsingin Sanomat
  • U.S. oil export ban won’t be lifted this year: Congressman
  • Amazon Web Services expects to cut prices further: Fortune
  • Tesla Model III may have range of >200 miles: Auto Express
  • Model S to be focus of hacking contest in Beijing
  • Jet makers slim engine choices; cut airline leverage: WSJ
  • F-35 jets won’t fly to Farnborough due to U.S. restrictions
  • GM withheld information on fatal crashes: NYT cites documents

AM EARNS:

    • Abbott Laboratories (ABT) 7:44am, $0.51 - Preview
    • Bank of America (BAC) 7am, $0.29 - Preview
    • BlackRock (BLK) 6:30am, $4.46
    • Charles Schwab (SCHW) 8:45am, $0.22
    • First Republic Bank (FRC) 7am, $0.76
    • iGATE (IGTE) 6:35am, $0.47
    • MGIC Investment (MTG) 7am, $0.14
    • Northern Trust (NTRS) 7:30am, $0.84
    • PNC Financial (PNC) 6:30am, $1.78
    • St Jude Medical (STJ) 7:30am, $1.00 - Preview
    • Textron (TXT) 6:30am, $0.46 - Preview
    • US Bancorp (USB) 7:15am, $0.77

PM EARNS:

    • East West Bancorp (EWBC) 5:50pm, $0.58
    • eBay (EBAY) 4:15pm, $0.68 - Preview
    • Kinder Morgan (KMI) 4:05pm, $0.30
    • Las Vegas Sands (LVS) 4:01pm, $0.90
    • Plexus (PLXS) 4pm, $0.72
    • SanDisk (SNDK) 4:05pm, $1.39
    • Select Comfort (SCSS) 4:01pm, $0.14
    • United Rentals (URI) 4:15pm, $1.46
    • Yum! Brands (YUM) 4:15pm, $0.73 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Goldman Forecasts Lower Commodity Prices as Super-Cycle Ends
  • WTI Rises From Two-Month Low on Cushing Supply; Brent Recovers
  • Gold Fixing Banks Said to Propose Changes to Pricing Process
  • Trafigura Targets Indian Manufacturers With Online Metals Store
  • China Banks Said to Have $3.2 Billion Exposure in Qingdao Probe
  • Gold Trades Near 3-Week Low as Dollar Weighed With Middle East
  • Japan Nuclear Safety Report Seen Having ‘Marginal’ Impact on LNG
  • Zinc Trades Near 35-Month High as China’s Growth Tops Estimates
  • European Commission Prolongs Deadline for Decision on Opal Pipe
  • Raw-Sugar Spread Seen Widening on Brazil to India Supply Risks
  • UBS Commodity Analyst Tom Price Leaves Bank, Spokeswoman Says
  • European Naphtha Shipments to Asia to Rise in July From June
  • Carbon Price Quadrupling Has Same Impact on U.K. as 32% Oil Gain
  • Indonesia Says Could Terminate Newmont Unit’s Contract
  • Largest Lithium Deal Spurred by Smartphones, Teslas: 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