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TODAY’S S&P 500 SET-UP – July 24, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 1.16% downside to 1964 and 0.25% upside to 1992.             

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: 2.01 from 2.00
  • VIX closed at 11.52 1 day percent change of -5.88%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Init. Jobless Claims, July 19, est. 307k (prior 302k)
  • Continuing Claims, July 21, est. 2.510m (prior 2.707m)
  • 9:45am: Bloomberg Consumer Comfort, July 20 (prior 37.5)
  • 9:45am: Markit US Mfg PMI, July prelim, est. 57.5 (prior 57.3)
  • 10am: New Home Sales, June, est. 475k (prior 504k)
  • 10:30am: DOE Energy Inventories
  • 11am: Kansas City Fed Mfg Activity, July, est. 6 (prior 6)
  • 1pm: U.S. to sell $15b 10Y TIPS

GOVERNMENT:

    • 7:30am: RNC’s Priebus speaks at Nat’l Urban League Conf.
    • 9:30am: House Veterans Affairs Cmte hears from Acting VA Secretary Sloan Gibson on restoring agency trust
    • 10am: House Rules Cmte considers resolution providing authority to sue President Obama
    • 11:30am: House Speaker John Boehner holds press briefing
    • 12pm: Senate and House Democrats holds news conference to call on Congress to raise national minimum wage
    • U.S. ELECTION WRAP: Georgia Turnout; Ads; Walsh’s Thesis

WHAT TO WATCH:

  • Dimon, JPMorgan board win dismissal of investor Madoff suit
  • SEC sends McGraw Hill Wells notice on CMBS graded by S&P
  • Hamas says no sign of breakthrough in Gaza cease-fire talks
  • FAA ends ban on U.S. airlines’ flights to Israel’s airport
  • Bombardier to cut 1,800 jobs amid struggle to sell CSeries jet
  • Wal-Mart told by Delaware court to provide bribery probe files
  • Euro-area PMI surveys signal economic activity is picking up
  • Nokia boosts margin forecast after earnings beat ests.
  • Unilever 2Q underlying sales growth misses estimates
  • Reckitt Benckiser said to move toward spinoff of Suboxone unit
  • Record student-loan debt prompts Treasury to stem defaults
  • House Rules Cmte considers lawsuit against President Obama

AM EARNS:

    • 3M (MMM) 7:30am, $1.91
    • Airgas (ARG) 7:30am, $1.18
    • Alaska Air Group (ALK) 6:01am, $1.11
    • Alexion Pharmaceuticals (ALXN) 6:30am, $1.07 - Preview
    • American Airlines (AAL) 8am, $1.96 - Preview
    • AmerisourceBergen (ABC) 7am, $0.92 - Preview
    • BankUnited (BKU) 7:30am, $0.45
    • Bemis (BMS) 7am, $0.64
    • Boston Scientific (BSX) 7am, $0.19 - Preview
    • Bristol-Myers Squibb (BMY) 7:30am, $0.45 - Preview
    • Brunswick (BC) 7:39am, $0.91
    • Cameron Intl (CAM) 7:30am, $0.87
    • Caterpillar (CAT) 7:30am, $1.51 - Preview
    • Celgene (CELG) 7:33am, $0.89 - Preview
    • CMS Energy (CMS) 8am, $0.27
    • Coca-Cola Enterprises (CCE) 7:30am, $0.88 - Preview
    • Dana Holding (DAN) 7am, $0.51
    • Diamond Offshore Drilling (DO) 6am, $0.56 - Preview
    • DR Horton (DHI) 7am, $0.49 - Preview
    • Dr Pepper Snapple (DPS) 8am, $0.91 - Preview
    • Dunkin’ Brands (DNKN) 6am, $0.47
    • Eli Lilly & Co (LLY) 6:30am, $0.65 - Preview
    • Encana (ECA CN) 6am, $0.24 - Preview
    • EQT (EQT) 7am, $0.85
    • FLIR Systems (FLIR) 7:30am, $0.34
    • Ford Motor Co (F) 6:30am, $0.36 - Preview
    • General Motors (GM) 7:35am, $0.59 - Preview
    • Gentex (GNTX) 9:15am, $0.47
    • Graphic Packaging (GPK) 7:30am, $0.17
    • Hershey (HSY) 7am  $0.76
    • Husky Energy (HSE CN) 7am, C$0.70 - Preview
    • Jarden (JAH) 7:05am, $0.90
    • JetBlue Airways (JBLU) 7:30am, $0.19
    • KKR (KKR) 8am, $0.65
    • Lazard (LAZ) 7am, $0.57
    • Loblaw (L CN) 6:30am, C$0.67 - Preview
    • Marriott Vacations (VAC) 8am, $0.75
    • NASDAQ OMX Group (NDAQ) 7am, $0.68
    • National Penn Bancshares (NPBC) 6:50am, $0.18
    • Noble Energy (NBL) 7:27am, $0.79
    • Nucor (NUE) 9am, $0.40 - Preview
    • Patterson-UTI Energy (PTEN) 6am, $0.32
    • Pinnacle Entertainment (PNK) 6:30am, $0.46
    • Popular (BPOP) 7am, $0.70
    • Potash of Saskatchewan (POT CN) 6am, $0.45 - Preview
    • Precision Drilling (PD CN) 6am, C$(0.00) - Preview
    • PulteGroup (PHM) 6:30am, $0.25 - Preview
    • Quest Diagnostics (DGX) 7am, $1.06
    • Raytheon (RTN) 7am, $1.59 - Preview
    • Realty Income (O) 9:15am, $0.23
    • Reliance Steel & Aluminum (RS) 8:50am, $1.38
    • Rogers Communications (RCI/B CN) 6:50am, C$0.84 - Preview
    • Royal Caribbean Cruises (RCL) 8:36am, $0.53
    • Sigma-Aldrich (SIAL) 8am, $1.10
    • Southwest Airlines (LUV) 6:30am, $0.61
    • Starwood Hotels & Resorts (HOT) 6am  $0.76
    • Supervalu (SVU) 8am, $0.17 - Preview
    • T Rowe Price (TROW) 7:30am, $1.12
    • Under Armour (UA) 7am, $0.07 - Preview
    • Union Pacific (UNP) 8am, $1.43
    • United Continental (UAL) 7:30am, $2.19 - Preview
    • USG (USG) 8:30am, $0.42
    • Wyndham Worldwide (WYN) 6:30am, $1.14
    • Zimmer Holdings (ZMH) 7am, $1.49

PM EARNS:

    • Align Technology (ALGN) 4pm, $0.39
    • Altera (ALTR) 4:15pm, $0.37
    • Amazon.com (AMZN) 4:05pm, $(0.15) - Preview
    • Baidu (BIDU) 4:30pm, $8.66
    • Cerner (CERN) 4:01pm, $0.40 - Preview
    • Chicago Bridge & Iron (CBI) 4:01pm, $1.28
    • Chubb (CB) 4:02pm, $1.90
    • CR Bard (BCR) 4:05pm, $2.01
    • Deckers Outdoor (DECK) 4:05pm, $(1.29)
    • Flextronics Intl (FLEX) 4:01pm, $0.23
    • Freescale Semiconductor (FSL) 4:05pm, $0.37
    • Ingram Micro (IM) 4:04pm, $0.52
    • KLA-Tencor (KLAC) 4:15pm, $0.86
    • Leggett & Platt (LEG) 4:05pm, $0.46
    • Maxim Integrated (MXIM) 4:01pm, $0.47
    • NetSuite (N) 4:08pm, $0.03
    • Olin (OLN) 5:05pm, $0.45
    • Pandora Media (P) 4:02pm, $0.03
    • Principal Financial (PFG) 4pm, $1.01
    • Regal Entertainment (RGC) 4:01pm, $0.27
    • Republic Services (RSG) 4:05pm, $0.49
    • RF Micro Devices (RFMD) 4pm, $0.17
    • Riverbed Technology (RVBD) 4:05pm, $0.26
    • SBA Communications (SBAC) 4:01pm, $0.02
    • Sensient Technologies (SXT) 5:29pm, $0.79
    • SolarWinds (SWI) 4:01pm, $0.37
    • Starbucks (SBUX) 4:05pm, $0.66 - Preview
    • Stericycle (SRCL) 4:02pm, $1.03
    • Swift Transportation (SWFT) 4:02pm, $0.33
    • Tempur Sealy Intl (TPX) 4:05pm, $0.41 - Preview
    • Universal Health (UHS) 5:01pm, $1.25
    • Validus (VR) 4:39pm, $1.47
    • VeriSign (VRSN) 4:05pm, $0.65
    • Visa (V) 4:05pm, $2.10

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Trafigura Unit Seeks to Limit Metals Liability at Qingdao Port
  • Cotton Crop in India Set for Record as Farmers Shun Oilseeds
  • Coffee Growers in Vietnam Seen Harvesting Bigger Crops on Yields
  • Butter at 16-Year High as U.S. Exports Cut Reserves: Commodities
  • Potash Corp. Raises Profit Forecast as Fertilizer Buyers Return
  • Gold Declines to One-Week Low as U.S. Outlook Curbs Haven Demand
  • Japan-Indonesia Power Plant Said to Miss Finance Deadline Again
  • Rebar Retreats to Five-Week Low in Shanghai as Iron Ore Slumps
  • WTI Oil Declines After U.S. Gasoline Supplies Rise; Brent Steady
  • Palladium Gain Sets Up Platinum Switch in Cars: Chart of the Day
  • India to Sell 25% of State Wheat Stockpiles to Cool Prices
  • Albany Nears Oil-Hub Status as 100-Car Trains Jam Port: Freight
  • Palm Oil Climbs From 11-Month Low as Soybeans Extend Rebound
  • Australian Southeast Seen Drier as El Nino Predicted for Harvest

 

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