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TODAY’S S&P 500 SET-UP – July 30, 2014


As we look at today's setup for the S&P 500, the range is 18 points or 0.51% downside to 1960 and 0.41% upside to 1978.                                   

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: 1.93 from 1.92
  • VIX closed at 13.28 1 day percent change of 5.73%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, July 25 (prior 2.4%)
  • 8:15am: ADP Employment Change, July, est. 230k (prior 281k)
  • 8:30am: GDP Annualized q/q, 2Q, est. 3% (prior -2.9%)
  • Personal Consumption, 2Q, est. 1.9% (prior 1%)
  • 2pm: FOMC seen maintaining overnight bank lending rate target near 0%, reducing QE by another $10b

GOVERNMENT:

    • President Obama speaks on the economy in Kansas City
    • Sec. of State John Kerry in India, joined by Commerce Sec. Penny Pritzker for 5th U.S.-India Strategic Dialogue
    • 10am: Sen. Judiciary Cmte hearing on Violence Against Women Act, protecting women from gun violence
    • 10am: Senate Banking subcmte hearing on flood insurance
    • 10am: House Judiciary Cmte hearing on need for special counsel to investigate IRS
    • 10:45am: Sens. McCaskill, D-Mo.; Heller, R-Nev.; Blumenthal, D-Conn.; Grassley, R-Iowa; Gillibrand, D-N.Y.; Ayotte, R-N.H.; Rubio, R-Fla. hold news conf. to introduce bill to combat sexual assaults on college, university campuses
    • 12pm: Sen. Minority Leader McConnell, R-Ky.; and Rep. Kelly, R-Pa., hold news conf. on economic consequences of EPA’s proposed power plant rule

WHAT TO WATCH:

  • EU joins U.S. in escalating pressure on Russian finance
  • Putin jeopardizes Russian firms’ access to $600b in funds
  • MSCI in “active dialogue” with global investors on Russia
  • Fed Decision-Day Guide: QE tapering, job gains, inflation debate
  • AstraZeneca to buy respiratory rights from Almirall for $875m
  • SEC may revise speed rules on IEX exchange plans: Reuters
  • McDonald’s Japan pulls profit forecast amid supplier scandal
  • Toyota outsells VW, GM in 1H on rising demand for SUVs
  • Former Time Warner CEO Parsons says Fox offer “Way Off Mark”
  • Barclays returns to 2Q profit on costs, provisions
  • ECB says bank credit standards eased for first time since 2007
  • Argentine debt talks to resume today as default deadline looms
  • Ending ‘too big to fail’ may rest on obscure contract language
  • Shelling of UN shelter in Gaza kills 20 as fighting worsens
  • Japan’s output drops most since 2011 as consumers spend less
  • Osram to cut ~7,800 jobs worldwide

AM EARNS:

    • ADT (ADT) 6am, $0.47
    • AllianceBernstein (AB) 7:15am, $0.41
    • American Tower (AMT) 7am, $0.53 - Preview
    • Booz Allen Hamilton (BAH) 6:30am, $0.42
    • Carlyle (CG) 6:30am, $0.74
    • Cenovus Energy (CVE CN) 6am, C$0.50 - Preview
    • CGI (GIB/A CN) 6:30am, C$0.73
    • Dominion Resources (D) 7:30am, $0.62
    • Energizer (ENR) 7:30am, $1.54 - Preview
    • Franklin Resources (BEN) 8:30am, $0.95
    • Garmin (GRMN) 7am, $0.76
    • Goodyear Tire & Rubber (GT) 7:30am, $0.79
    • Hess (HES) 7:30am, $1.18 - Preview
    • Hospira (HSP) 7:30am, $0.57
    • Humana (HUM) 6am, $2.19
    • Huntsman (HUN) 7am, $0.48
    • Intact Financial (IFC CN) 6am, C$1.55
    • InterActiveCorp (IACI) 7:30am, $0.79
    • Lorillard (LO) 7am, $0.88 - Preview
    • Lumber Liquidators (LL) 7am, $0.63
    • MeadWestvaco (MWV) 7:25am, $0.50
    • MEG Energy (MEG CN) 5am, C$0.45
    • Nice Systems (NICE) 5:30am, $0.59
    • Phillips 66 (PSX) 8am, $1.69 - Preview
    • Pitney Bowes (PBI) 6:30am, $0.46
    • Public Service Enterprise Group (PEG) 7:30am, $0.51
    • Revlon (REV) 6:30am, $0.46
    • Rockwell Automation (ROK) 7am, $1.55
    • Sealed Air (SEE) 7:30am, $0.38
    • Sherritt Intl (S CN) 6:09am, C$(0.07) - Preview
    • SodaStream Intl (SODA) 7:30am, $0.40
    • Sonus Networks (SONS) 7am, $0.01
    • Southern (SO) 7:30am, $0.67
    • Sprint (S) 7:30am, $(0.05)
    • SPX (SPW) 6:30am, $1.19
    • Taser Intl (TASR) 7:30am, $0.08
    • Thomson Reuters (TRI CN) 7am, $0.46
    • TransAlta (TA CN) 7:45am, $0.01
    • Valero Energy (VLO) 7:49am, $1.20 - Preview
    • Valley National Bancorp (VLY) 7am, $0.14
    • WellPoint (WLP) 6am, $2.26
    • Wisconsin Energy (WEC) 7am, $0.52

PM EARNS:

    • Agnico Eagle Mines (AEM CN) 5pm, $0.28 - Preview
    • Akamai Technologies (AKAM) 4:01pm, $0.55
    • Albemarle (ALB) 4:03pm, $1.10
    • Allstate (ALL) 4:05pm, $0.66
    • American Equity Investment (AEL) 4pm, $0.50
    • Barrick Gold (ABX CN) Aft-Mkt, $0.15 - Preview
    • BioMarin Pharmaceutical (BMRN) 4pm, $(0.43)
    • Duke Realty (DRE) 4:11pm, $(0.03)
    • Enbridge Energy Partners (EEP) 4:01pm, $0.24
    • First Quantum Minerals (FM CN) 5pm, $0.25 - Preview
    • FMC (FMC) 4:15pm, $1.02
    • FNF (FNF) 4:03pm, $0.52
    • Fortune Brands (FBHS) 4:01pm, $0.54
    • Halcon Resources (HK) 4:15pm, $0.04
    • Hartford Financial (HIG) 4:15pm, $0.67
    • Hologic (HOLX) 4:01pm, $0.34
    • Intersil (ISIL) 4:05pm, $0.18
    • KapStone Paper (KS) 4:15pm, $0.60
    • Kinross Gold (K CN) 5pm, $0.04 - Preview
    • Kraft Foods (KRFT) 4pm, $0.82 - Preview
    • Lam Research (LRCX) 4:05pm, $1.23
    • LifeLock (LOCK) 4:05pm, $0.04
    • Lincoln National (LNC) 4:10pm, $1.36
    • Lundin Mining (LUN CN) 5pm, $0.06 - Preview
    • Manitowoc (MTW) 4:25pm, $0.43
    • MetLife (MET) 4:05pm, $1.41
    • Moelis (MC) Aft-Mkt, $0.25
    • Murphy Oil (MUR) 5:01pm, $1.22
    • Noble (NE) 5pm, $0.66
    • Penn Virginia (PVA) 4:05pm, $(0.04)
    • Pilgrim’s Pride (PPC) 4:45pm, $0.66
    • Questar (STR) 4:14pm, $0.22
    • Rovi (ROVI) 4:05pm, $0.40
    • RR Donnelley (RRD) 4pm, $0.35
    • Ruckus Wireless (RKUS) 4:05pm, $0.05
    • Service Intl (SCI) 4:15pm, $0.23
    • ServiceNow (NOW) 4:01pm, $(0.07)
    • Solazyme (SZYM) 4:25pm, $(0.39)
    • Spansion (CODE) 4:03pm, $0.25
    • Suncor Energy (SU CN) 10pm, C$0.98 - Preview
    • Superior Energy Services (SPN) 4:05pm, $0.41
    • Tesoro (TSO) 4:30pm, $1.82 - Preview
    • Unum (UNM) 4pm, $0.87
    • Weight Watchers Intl (WTW) 4:05pm, $0.77
    • Western Digital (WDC) 4:15pm, $1.73 - Preview
    • Whiting Petroleum (WLL) 4pm, $1.26
    • Whole Foods Market (WFM) 4:03pm, $0.39
    • Williams (WMB) 4:05pm, $0.22
    • Yamana Gold (YRI CN) 4:20pm, $0.03 - Preview
    • Yelp (YELP) 4pm, $(0.03) - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI’s Discount to Brent Shrinks as Russia Sanction Impact Muted
  • Stolen India Coal Sent to Market in Modi’s Backyard: Commodities
  • Commodity Assets Seen by Barclays Increasing to $325 Billion
  • Thai Sugar Offered at Discount to New York, Green Pool Says
  • Gold Holds Two-Day Decline as Investors Weigh U.S. Outlook
  • Japan Buys 26,340 Mt of Feed Wheat 122,750 Mt of Feed Barley
  • Soybeans in Chicago Climb as Much as 0.3%, Reversing Decline
  • Haze Fines Win Indonesia’s Support With Caveats: Southeast Asia
  • Rubber Drops as Japan Industrial Output Falls More Than Forecast
  • HSBC, ABN Sue Metals Trader Detained in Qingdao Loan Fraud Probe
  • Cocoa Arrivals in Brazil’s Bahia Advance 2.3%, Hartmann Reports
  • China Rows Back on Shale Ambitions as Expertise Falls Short
  • Aluminum Beating Copper as Supply-Demand Flips: Chart of the Day
  • Oil Market Losing Faith in Libya’s Ability to Ramp Crude: Energy

 

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