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TODAY’S S&P 500 SET-UP – July 22, 2014


As we look at today's setup for the S&P 500, the range is 27 points or 0.79% downside to 1958 and 0.58% 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: 2.00 from 1.98
  • VIX closed at 12.81 1 day percent change of 6.22%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: CPI m/m, June, est. 0.3% (prior 0.4%)
  • 8:55am: Redbook weekly sales
  • 9am: FHFA House Price Index m/m, May, est. 0.2% (prior 0.0%)
  • 10am: Richmond Fed Manufacturing Index, July, est. 5 (prior 3)
  • 10am: Existing Home Sales, June, est. 4.99m (prior 4.89m)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 9:30am: Senate Permanent Subcmte on Investigations hearing on abuse of fin’l products to avoid taxes w/testimony from Renaissance Tech’s Peter Brown, Mark Silber, Jonathan Mayers
    • 10:30am: Senate Energy and Nat. Resources Cmte hearing on federal rev. from oil, gas, and mineral prod. on public lands
    • 11:30am: U.S. Chamber of Commerce press call on SEC’s vote on imposing add’l reform rule on money mkt mutual funds
    • 2pm: Senate Veterans Affairs Cmte hears Robert McDonald on his VA secretary nomination
    • U.S. ELECTION WRAP: Georgia Runoff; Adelson May Inject Cash

WHAT TO WATCH:

  • Credit Suisse to exit commodities after biggest loss since 2008
  • Apache faces breakup push in Jana’s $1b activist stake
  • Pershing Square’s Ackman’s Herbalife presentation at 10am
  • U.S. senate finance cmte 10am hearing on tax code, inversions
  • Malaysian Air likely near end as publicly traded company
  • AMS ends talks to buy Dialog to create $4.5b chipmaker
  • Yahoo said to buy startup flurry for more than $300m
  • Tesla idles California plant adding robots to build electric SUV
  • Papa John’s, Burger King, Dicos stop using Chinese meat supplier
  • Kindred raises offer for Gentiva, matching mystery bidder
  • Putin risks isolation as rebels release MH17 crash victims

AM EARNS:

    • Allegheny Technologies (ATI) 7:30am, $0.01
    • Altria Group (MO) 6:58am, $0.66 - Preview
    • Carlisle (CSL) 6am, $1.18
    • Centene (CNC) 6am, $0.72
    • CIT Group (CIT) 6:30am, $0.84
    • Coca-Cola (KO) 7:30am, $0.63 - Preview
    • Comcast (CMCSA) 7am, $0.72 - Preview
    • Domino’s Pizza (DPZ) 7:30am, $0.66
    • EI du Pont de Nemours (DD) 6am, $1.17 - Preview
    • Exact Sciences (EXAS) 7:30am, $(0.24)
    • FirstMerit (FMER) 7:30am, $0.36
    • Gannett (GCI) 8:30am, $0.64
    • Harley-Davidson (HOG) 7am, $1.46
    • Ingersoll-Rand (IR) 7am, $1.10
    • Kimberly-Clark (KMB) 7:30am, $1.50 - Preview
    • Lexmark Intl (LXK) 6:30am, $0.93
    • Lockheed Martin (LMT) 7:25am, $2.66 - Preview
    • McDonald’s (MCD) 7:58am, $1.44 - Preview
    • Mead Johnson Nutrition (MJN) 6:59am, $0.89
    • Neogen (NEOG) 8:45am, $0.21
    • Omnicom Group (OMC) 7am, $1.16
    • Peabody Energy (BTU) 8am, $(0.29) - Preview
    • Polaris Industries (PII) 6am, $1.39
    • Regions Financial (RF) 7am, $0.21
    • Rockwell Collins (COL) 7:30am, $1.17
    • State Street (STT) 7:12am, $1.26
    • Synovus Financial (SNV) 7am, $0.35
    • TD Ameritrade (AMTD) 7:30am, $0.34
    • Travelers (TRV) 6:57am, $2.07
    • United Technologies (UTX) 6:59am, $1.70 - Preview
    • Verizon Communications (VZ) 6:30am, $0.90 - Preview

PM EARNS:

    • ACE (ACE) 4:05pm, $2.23
    • Apple (AAPL) 4:30pm, $1.23 - Preview
    • Broadcom (BRCM) 4:05pm, $0.61
    • Covanta Holding (CVA) 4:01pm, $0.01
    • Cubist Pharmaceuticals (CBST) 4pm, $0.01
    • Discover Financial Services (DFS) 4:05pm, $1.29
    • Eagle Materials (EXP) 4:15pm, $0.87
    • Electronic Arts (EA) 4:01pm, $(0.04)
    • FMC Technologies (FTI) 4pm, $0.63
    • FNB (FNB) 4:30pm, $0.21
    • Fulton Financial (FULT) 4:30pm, $0.22
    • Hatteras Financial (HTS) 4:30pm, $0.59
    • • Idex (IEX) 4:05pm,    $0.86
    • Intuitive Surgical (ISRG) 4:05pm, $2.82
    • Juniper Networks (JNPR) 4:05pm, $0.38- Preview
    • Linear Technology (LTC) 5:01pm, $0.56
    • Microsoft (MSFT) 4:01pm, $0.60
    • Nabors (NBR) 4:06pm, $0.23
    • Robert Half Intl (RHI) 4:02pm, $0.52
    • Total System Services (TSS) 4pm, $0.45
    • VMware (VMW) 4:01pm, $0.79
    • Xilinx (XLNX) 4:20pm, $0.61

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Credit Suisse to Exit Commodities, Posts Biggest Loss Since 2008
  • Zinc Nears Three-Year High as Aluminum Advances in Bull Market
  • Metal ETFs Lure Investors at Fastest Pace Since ’09: Commodities
  • Europe White Sugar Exports Seen Jumping by Kingsman in 2017-2018
  • Soybeans Slide Fourth Day as U.S. Crop in Best Shape Since 1994
  • Gold Declines in London as Fed Outlook Curbs Investor Demand
  • Sugar Drops With World Surplus Weighing on Market; Coffee Falls
  • China Seen Boosting Soybean Imports as Animal Feed Demand Rises
  • Palm Nears 10-Month Low as Soybeans Extend Declines on U.S. Crop
  • Rebar Rises From 1-Month Low on Signs of Strengthening Demand
  • ANZ Bank Raises Nickel Price Ests. as Indonesia Ban Hurts Supply
  • WTI Rises for Second Day Before Stockpiles Data; Brent Gains
  • Record Corn Crop Potential in Western Illinois, Doane Tour Shows
  • Sugar Seen Hovering Around 16-17 Cents by Kingsman Rest of Year

 

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