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TODAY’S S&P 500 SET-UP – July 23, 2014


As we look at today's setup for the S&P 500, the range is 23 points or 1.09% downside to 1962 and 0.07% 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: 1.99 from 1.99
  • VIX closed at 12.24 1 day percent change of -4.45%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 18 (prior -3.6%)
  • 10:30am: DOE Energy Inventories

GOVERNMENT:

    • 8:45am: FDIC Advisory Cmte on Community Banking meets
    • 9am: Treasury Sec. Lew speaks on multilateral develp. banks
    • 9am: Bipartisan Policy Center forum on energy, Tom Fanning, CEO of the Southern Co. (11am keynote), Energy Sec. Ernest Moniz, Bank of America Chairman Chad Holliday among speakers
    • 9:30am: Senate Environment Cmte hearing on EPA proposed carbon pollution standards for existing power plants
    • 10am SEC meeting on potential money market fund rule change
    • 10am: State Dept.’s Brett McGurk at House Foreign Affairs Cmte on Iraq terrorism response
    • 10am: House Homeland Security Cmte holds hearing on unfulfilled recommendations after Sept. 11 attacks
    • U.S. ELECTION WRAP: Kingston Versus Perdue; Obamacare Ruling
    • Perdue wins Georgia U.S. Senate Republican runoff to face Nunn

WHAT TO WATCH:

  • Rebel stronghold holds breath as shellfire escalates in Donetsk
  • Daimler 2Q earnings rise 12% on S-Class Sedan
  • EU said to weigh extra Google concessions in antitrust probe
  • Apple hints new products near with bigger iPhones looming
  • Japan blocks imports from supplier as China meat scare spreads
  • LinkedIn to buy Bizo for $175m to expand marketing tools
  • Money-market funds getting new regime aimed at preventing runs
  • Deutsche Bank drops on report N.Y. Fed faulted oversight
  • Calstrs asked Pepsi to give Nelson Peltz seat on board: FT

AM EARNS:

    • Air Products & Chemicals (APD) 6am, $1.45
    • Amphenol (APH) 8am, $1.05
    • Biogen Idec (BIIB) 7am, $2.83
    • Boeing (BA) 7:30am, $1.98 - Preview
    • Delta Air Lines (DAL) 7:30am, $1.03 - Preview
    • Dow Chemical (DOW) 7am, $0.72
    • EMC (EMC) 6:52am, $0.43 - Preview
    • Freeport-McMoRan (FCX) 8am, $0.52 - Preview
    • General Dynamics (GD) 7am, $1.77
    • Hercules Offshore (HERO) 7am, $0.01 - Preview
    • Janus Capital Group (JNS) 7am, $0.18
    • New York Community Bancorp (NYCB) 8am, $0.26
    • Norfolk Southern (NSC) 8am, $1.74 - Preview
    • Northrop Grumman (NOC) 7am, $2.22 - Preview
    • Owens Corning (OC) 7:28am, $0.44
    • PepsiCo (PEP) 7am, $1.23 - Preview
    • Praxair (PX) 6:02am, $1.59
    • Ryder System (R) 7:55am, $1.39
    • SEI Investments Co (SEIC) 8:30am, $0.42
    • Simon Property Group (SPG) 7am, $0.94 - Preview
    • TE Connectivity (TEL) 6am, $0.99
    • Thermo Fisher Scientific (TMO) 6am, $1.62
    • Tupperware Brands (TUP) 7am, $1.47
    • Whirlpool (WHR) 6am, $2.91

PM EARNS:

    • Allison Transmission Holdings (ALSN) 4:05pm, $0.32
    • Angie’s List (ANGI) 4:01pm, ($0.24)
    • Assurant (AIZ) 4:05pm, $1.54
    • AT&T (T) 4:01pm, $0.63 - Preview
    • AvalonBay Communities (AVB) 4:11pm, $0.86
    • Brandywine Realty Trust (BDN) 4:15pm, ($0.01)
    • CA (CA) 4:05pm, $0.60
    • Cheesecake Factory (CAKE) 4:15pm, $0.61
    • Cirrus Logic (CRUS) 4pm, $0.30
    • Citrix Systems (CTXS) 4:05pm, $0.61
    • Core Laboratories NV (CLB) 4:05pm, $1.34
    • CoreLogic (CLGX) 4:10pm, $0.37
    • Crown Castle International Cor (CCI) 4:02pm, $0.15
    • E*TRADE Financial (ETFC) 4:05pm, $0.23
    • Equifax (EFX) 4:15pm, $0.94
    • Everest Re Group (RE) 4:05pm, $5.89
    • F5 Networks (FFIV) 4:05pm, $1.35
    • Facebook (FB) 4:01pm, $0.32 - Preview
    • Fortinet (FTNT) 4:15pm, $0.10
    • Gilead Sciences (GILD) 4:02pm, $1.79 - Preview
    • Graco (GGG) 4:10pm, $1.01
    • Illumina (ILMN) 4:05pm, $0.50
    • Macerich (MAC) 4:30pm, $0.12
    • Polycom (PLCM) 4:05pm, $0.18
    • QUALCOMM (QCOM) 4:01pm, $1.21
    • Raymond James Financial (RJF) 4:16pm, $0.76
    • SLM (SLM) 4:15pm, $0.09
    • Susquehanna Bancshares (SUSQ) 4:30pm, $0.20
    • TAL International Group (TAL) 5:01pm, $0.96
    • Teradyne (TER) 5:01pm, $0.40
    • Torchmark (TMK) 4pm, $1.03
    • Tractor Supply Co (TSCO) 4:01pm, $0.95
    • TripAdvisor (TRIP) 4:02pm, $0.61
    • TriQuint Semiconductor (TQNT) 4:02pm, $0.07
    • Umpqua Holdings (UMPQ) 4:05pm, $0.24
    • Varian Medical Systems (VAR) 4:05pm, $1.09
    • Weatherford International PLC (WFT) 4:40pm, $0.21

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China’s Gold Demand Drops in First Half as Bars Outweigh Jewelry
  • Rice Harvest in Thailand Seen Dropping on Drought, Subsidy Lapse
  • U.S. Steel Invoking Carnegie Legacy in Revival Plan: Commodities
  • Port Hedland Tug Deckhands Approve Strike Action for Second Time
  • Arctic Ice Melt Seen Freeing Way for South Korea Oil Hub: Energy
  • Aluminum Declines From 16-Month High as Rally Seen Excessive
  • Steel Rebar in Shanghai Falls to 1-Month Low as Demand Weakens
  • Palm Oil Drops to 11-Month Low on Rising Global Oilseed Supplies
  • Gold Holds Above Three-Day Low as Ukraine Weighed Against U.S.
  • Latvia, Slovakia Said to Back Early Carbon Permit Supply Curbs
  • Corn Lingers Near Four-Year Low as Wheat Slips on Global Supply
  • CNPC 2014 Oil-Product Trade With Venezuela to Reach 790,000 B/D
  • BHP Iron-Ore Output Rises 19% on Australia Growth Projects
  • Nickel Deficit Narrowing on China Pig Iron Output, Sumitomo Says

 

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