THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – July 21, 2014


As we look at today's setup for the S&P 500, the range is 26 points or 0.97% downside to 1959 and 0.34% upside to 1985.     

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.00 from 2.00
  • VIX closed at 12.06 1 day percent change of -17.06%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Nat Activity Index, June (prior 0.21)
  • 11:30am: U.S. to sell $26b 3-mo. bills, $24b 6-mo. bills

GOVERNMENT:

    • Senate in session; House schedule TBA
    • President Obama meets with Hispanic Caucus on immigration
    • 12:30pm: Transportation Sec. Anthony Foxx at Natl Press Club
    • WASHINGTON WEEKLY AGENDA
    • U.S. ELECTION WRAP: Voter Attitude Shift on Immigration; Kochs

WHAT TO WATCH:

  • Russia’s Severstal sells U.S. steel plants for $2.3b
  • Reynolds loss in $23b smoker verdict likely to be cut
  • Murdoch said to mull Sky proceeds to boost Time Warner bid
  • Elliott Management takes over $1b stake in EMC Corp.: WSJ
  • McDonald’s, Yum suspend orders from Chinese meat supplier
  • Capital Research sells most of Allergan stake, WSJ reports
  • U.K. prosecutors said close to opening FX-rigging probe
  • General Motors tells dealers to halt sales of some Cadillacs
  • Air Force examines anomalies as SpaceX seeks launch work
  • Trinity guardrail whistle-blower case results in mistrial
  • Gilead drug combination cures Hepatitis C in HIV patients
  • Perrigo, Actelion lead tax-relief targets for U.S. drugmakers
  • Putin says MH17 crash shouldn’t be used for political aims
  • Bloody battle spurs diplomatic efforts to end Gaza conflict
  • Court bars Nokia India from Chennai unit sale without approval
  • Google mulls transforming NYC payphones into Wi-Fi hot spots
  • Finance industry bonus suffering in poll as rev. disappoints
  • Tesco replaces Clarke as CEO as grocer warns on profit again

AM EARNS:

    • BB&T (BBT) 5:45am, $0.75
    • Halliburton (HAL) 7am, $0.91 - Preview
    • Hasbro (HAS) 6:30am, $0.36 - Preview
    • Manpowergroup (MAN) 7:30am, $1.33
    • SunTrust Banks (STI) 6am, $0.77

PM EARNS:

    • BancorpSouth (BXS) 5pm, $0.33
    • Brookfield Canada Office Properties (BOX-U CN) 5pm, C$0.41
    • Brown & Brown (BRO) 4:30pm, $0.41
    • Cadence Design Systems (CDNS) 4:10pm, $0.20
    • Canadian National Railway (CNR CN) 4:01pm, C$1.00 - Preview
    • Chipotle Mexican Grill (CMG) 4:02pm, $3.09
    • Crown (CCK) 5:03pm, $1.00
    • CYS Investments (CYS) 4:05pm, $0.33
    • Hexcel (HXL) 4:06pm, $0.55
    • Netflix (NFLX) 4:05pm, $1.15
    • Rambus (RMBS) 4:05pm, $0.15
    • Rent-A-Center (RCII) 4:32pm, $0.37
    • Sanmina (SANM) 4:05pm, $0.47
    • Steel Dynamics (STLD) 6pm, $0.30
    • Texas Instruments (TXN) 4:30pm, $0.59
    • Waste Connections (WCN) 4:05pm, $0.52
    • Woodward (WWD) 4pm, $0.60
    • Zions Bancorp (ZION) 4:10pm, $0.45

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Steady as Supply Seen Safe Amid Russia Standoff; WTI Falls
  • Hedge Funds Cut Bullish Gold Wagers as Rally Snaps: Commodities
  • Corn Slumps to Four-Year Low as Global Supplies Seen Increasing
  • Gold Gains in London as Unrest Weighed Against U.S. Outlook
  • Speculators Cutting Bullish Oil Bets Miss Ukraine Rally: Energy
  • Morgan Stanley Hires Former UBS Commodity Analyst Tom Price
  • China’s Copper Exports Rise to 15-Month High Amid Qingdao Probe
  • Two Indonesian Ore Miners Resume Concentrate Exports After Ban
  • Nickel Reaches Lowest Price in Almost Four Weeks on Supply View
  • McDonald’s, Yum Suspend Orders From Chinese Meat Supplier
  • Gold Diggers Revive French Exploration as Prices Drive Hunt
  • U.K. Gas Extends Declines as Ample Supplies Offset Ukraine Risk
  • Russia Sold 300K Mt of Wheat to Indonesia Since May: Minister
  • Iran Seen Keeping Oil Sales Steady as Nuclear Talks Extended

 

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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