• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Coming...

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

TODAY’S S&P 500 SET-UP – August 5, 2014


As we look at today's setup for the S&P 500, the range is 44 points or 1.19% downside to 1916 and 1.08% upside to 1960.                                              

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: 2.02 from 2.02
  • VIX closed at 15.12 1 day percent change of -11.22%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 9:45am: Markit US Services PMI, July final, est. 60.8 (pr 61)
  • 9:45am: Markit US Composite PMI, July final (prior 60.9)
  • 10am: ISM Non-Mfg Composite, July, est. 56.5 (prior 56)
  • 10am: Factory Orders, June, est. 0.6% (prior -0.5%)
  • 10am: IBD/TIPP Economic Optimism, Aug., est 47.3 (prior 45.6)
  • 11:30am: U.S. to sell $40b 4W bills
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate, House on August recess
    • Africa Summit Day 2:
    • 9am: Commerce Sec. Pritzker, former New York City Mayor Bloomberg deliver opening remarks
    • 9:15am Former President Clinton moderates session including CEOs from GE, DOW, WMT, Dangote Group Shanduka Group
    • 10:15: African Union Chair Nkosazana Clarice Dlamini Zuma
    • 10:20: Treasury Sec. Lew remarks at open of panel featuring African Development Bank President Kaberuka, CEOs or Chairmen from MasterCard, Heirs Holdings, Carlyle Group, Standard Bank
    • 11:05am: World Bank President Kim opens session moderated by National Security Advisor Rice; session includes CEOs from: IBM, KO, BX, Harith Fund Managers, Econet Wireless Founder/Chair
    • 1:50pm: Secretary of State Kerry remarks at Africa future moderated by Charlie Rose; Presidents of Rwanda, Senegal, South Africa, Tanzania, Tunisia participate
    • U.S. ELECTION WRAP: Mich., Kansas Primaries; Defense Donations

WHAT TO WATCH:

  • Gannett said to agree to buy rest of Cars.com for $1.8b
  • IBM said to have offered Globalfoundries cash to take chip unit
  • Toyota posts surprise record profit as U.S. SUV sales surge
  • Israel pulls its troops from Gaza as cease-fire under way
  • Telefonica offers $9b for Vivendi’s Brazil unit GVT
  • Euro-area services grew less than initially estimated in July
  • China services expansion stagnates as HSBC gauge drops
  • BMW posts best carmaking profitability in 3 yrs on SUVs
  • GM subprime auto lending draws attention of U.S. investigators
  • Eurozone June retail sales up 0.4% m/m; est. up 0.5% m/m
  • U.K. services growth accelerates to fastest in 8 months
  • Samsung wins back Apple’s advanced chip order, Maeil says
  • Goldman makes changes at hedge fund services unit, WSJ says

AM EARNS:

    • Western Refining (WNR) 6am, $1.31
    • Actavis (ACT) 7am, $3.38
    • Aecom Technology (ACM) 7am, $0.64
    • Akorn (AKRX) 7am, $0.20
    • Ameren (AEE) 8am, $0.58
    • Ametek (AME) 7am, $0.59
    • Ansys (ANSS) 7:09am, $0.80
    • Archer-Daniels-Midland (ADM) 7am, $0.76
    • Arcos Dorados (ARCO) 8:30am, $(0.11)
    • Ares Capital (ARCC) 8am, $0.38
    • Bloomin’ Brands (BLMN) 7am, $0.29
    • Brookfield Infrastructure (BIP) 8am, $0.37
    • Cablevision Systems (CVC) 8:30am, $0.17 - Preview
    • Carrizo Oil & Gas (CRZO) 6:30am, $0.67
    • Coach (COH) 7am, $0.53 - Preview
    • Cobalt Intl Energy (CIE) 7am, $(0.19)
    • CVS Caremark (CVS) 7am, $1.10 - Preview
    • Emerson Electric (EMR) 7am, $1.06
    • FirstEnergy (FE) 8:30am, $0.44
    • Gartner (IT) 7am, $0.59
    • Intl Flavors & Fragrances (IFF) 7am, $1.35
    • Liberty Interactive (LINTA) 7:47am, $0.27
    • Liberty Media (LMCA) 7:30am, $0.22
    • Louisiana-Pacific (LPX) 8am, $0.01
    • Magellan Midstream Partners (MMP) 8:30am, $0.71
    • MGM Resorts Intl (MGM) 8am, $0.10
    • Monster Worldwide (MWW) 7:30am, $0.09
    • Motorola Solutions (MSI) 7am, $0.62
    • Northwest Natural Gas (NWN) 6:30am, $0.09
    • Och-Ziff Capital Mgmt (OZM) 7:30am, $0.18
    • Office Depot (ODP) 7am, $(0.02)
    • Quicksilver Resources (KWK) 7am, $(0.06)
    • Regeneron Pharmaceuticals (REGN) 6:30am, $2.31 - Preview
    • TransDigm Group (TDG) 7:30am, $1.98
    • Vantage Drilling (VTG) 6am, $0.05
    • Vulcan Materials (VMC) 8am, $0.38
    • Westlake Chemical (WLK) 6am, $1.47
    • WP Carey (WPC) 7:30am, $0.63
    • Zoetis (ZTS) 7am, $0.38 - Preview

     PM EARNS:

    • Acadia Pharmaceuticals (ACAD) 4:01pm, $(0.13)
    • Activision Blizzard (ATVI) 4:07pm, $0.02
    • Cimarex Energy (XEC) 4:45pm, $1.71
    • Continental Resources (CLR) 6:12pm, $1.70
    • Diamondback Energy (FANG) 4:20pm, $0.68
    • DryShips (DRYS) 4:02pm, $(0.06)
    • EOG Resources (EOG) 4:11pm, $1.38
    • Expeditors Intl (EXPD) 4:30pm, $0.47
    • FireEye (FEYE) 4:05pm, $(0.60)
    • First Solar (FSLR) 4:01pm, $0.33 - Preview
    • Frontier Communications (FTR) 4:01pm, $0.05
    • Groupon (GRPN) 4:04pm, $0.01
    • Jazz Pharmaceuticals (JAZZ) 4:05pm, $1.92
    • KAR Auction Services (KAR) 4:15pm, $0.37
    • Liberty Global (LBTYA) 5:12pm, $0.03
    • Oasis Petroleum (OAS) 8:24pm, $0.74
    • Oneok (OKE) 4:10pm, $0.37
    • Saputo (SAP CN) 12:11pm, C$0.77
    • Scientific Games (SGMS) 4:01pm, $(0.28)
    • Take-Two Interactive Software (TTWO) 4:05pm, $(0.27)
    • Trimble Navigation (TRMB) 4:05pm, $0.40
    • Walt Disney (DIS) 4:15pm, $1.16 - Preview
    • WebMD Health (WBMD) 4pm, $0.19
    • WPX Energy (WPX) 4:20pm, $(0.06)
    • Zillow (Z) 4:30pm, $(0.04)
    • Zogenix (ZGNX) 4:01pm, $(0.16)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near 3-Day High Before U.S. Supply Data; Brent Steady
  • Baconholics Undeterred by 30-Year High Pig Prices: Commodities
  • Money Managers Were Net-Long Copper on Aug. 1 in LME Report
  • Gold Rebounds on Speculation of Demand With Prices Below $1,300
  • Soybeans Drop as Rains Forecast for Midwest Seen Easing Dryness
  • Lead Declines as Gauge of Chinese Services Misses Projections
  • BullionVault’s Gold Buyer Index Rebounds as Holdings at Record
  • Coffee Rebounds on Speculation Prices Fell Too Far; Cocoa Rises
  • China Said to Add 10,000 Metric Tons to Rare Earths Stockpiles
  • CME to Start European Gas Futures as Trayport Stays Independent
  • Parnon, Arcadia to Pay $13 Million in Oil Price-Rigging Suit
  • Sugar Researcher Kingsman Retiring After 37 Years in Industry
  • Citi Bearish on Aluminum as Chinese Product Exports Damp Demand
  • Colorado Fracking Opponents Poised to Lose Local Control Battle

 

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