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TODAY’S S&P 500 SET-UP – August 7, 2014


As we look at today's setup for the S&P 500, the range is 30 points or 1.11% downside to 1899 and 0.46% upside to 1929.                                                        

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 2.01
  • VIX closed at 16.37 1 day percent change of -2.96%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: BOE rate decision
  • 7:45am: ECB rate decision
  • 8:30am: Draghi press conference
  • 8:30am: Initial Jobless Claims, Aug. 2, est. 304k (prior 302k)
  • Continuing Claims, July 26, est. 2.512m (prior 2.539m)
  • 9:45am: Bloomberg Consumer Comfort, Aug. 3
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 3pm: Consumer Credit, June, est. $18.650b (prior $19.602b)

GOVERNMENT

    • President Obama signs VA bill, speaks in Fort Belvoir, Va.
    • 2pm: House Foreign Affairs panel hearing on Ebola outbreak with CDC Director Tom Frieden among the witnesses
    • 2pm: Treasury Dept’s Federal Advisory Cmte on Insurance mtg w/Federal Insurance Office Director Michael McRaith
    • Africa Summit:
    • 8am Discussion w/ E. African community presidents including Rwanda, Kenya, Tanzania, Uganda, Burundi hosted by U.S. Chamber
    • 8am: Guinea, Kenya, Congo, Ghana presidents at seminar on growth models
    • 9am: CSIS Mali/regional security forum w/ Mali president
    • 5pm: Burkina Faso president at news conf. on his role as regional mediator
    • U.S. ELECTION WRAP: Tenn. Primary Tmrw; Walsh Weighs Future

WHAT TO WATCH:

  • BofA said to near mortgage-probe settlement of up to $17b
  • July U.S. comp. sales may gain as retailers discount summer merchandise
  • Russia bans array of U.S., EU food in retaliation for sanctions
  • Fox tops earnings ests. with film, cable units spurring gain
  • Symantec 1Q rev. tops estimates on security demand
  • Draghi outlook menaced by Putin as Ukraine hurts recovery
  • Germany’s bond advance sends note yield below zero before ECB
  • German industry output grows less than forecast on Ukraine
  • Boeing weighs buying parts recycler to profit from junkyard jets
  • Nestle plans share buyback as sales beat analysts’ estimates
  • Rio to bolster returns after first-half profit advances 21%
  • Iliad doesn’t plan to increase T-Mobile US bid: Les Echos
  • Google to boost encrypted websites in rankings, WSJ says
  • Range Resources faces Pennsylvania fracking water fine: Reuters
  • Google, Barnes & Noble in online shopping pact, NYTimes says

AM EARNS:

    • AES (AES) 6am, $0.28
    • Air Canada (AC/A CN) 6am, C$0.47 - Preview
    • AMC Networks (AMCX) 7am, $0.86
    • AmTrust Financial (AFSI) 7am, $1.00
    • Apollo Investment (AINV) 7:30am, $0.22
    • Auxilium Pharmaceuticals (AUXL) 6am, $(0.21) - Preview
    • Brinker Intl (EAT) 7:45am, $0.87
    • Broadridge Financial (BR) 7am, $1.16
    • Canadian Tire (CTC/A CN) 7:40am, C$2.01
    • Chiquita Brands Intl (CQB) 8:03am, $0.62
    • CI Financial (CIX CN) 9:40am, C$0.46
    • Cooper Tire & Rubber (CTB) 7:30am, $0.80
    • Duke Energy (DUK) 7am, $0.98
    • EchoStar (SATS) 6am, $0.17
    • Fifth Street Finance (FSC) 6:45am, $0.26
    • Finning Intl (FTT CN) 8am, C$0.47
    • Foster Wheeler (FWLT) 6:45am, $0.47
    • Harman Intl (HAR) 8am, $1.21
    • Horizon Pharma (HZNP) 6:30am, $0.07
    • Huntington Ingalls (HII) 7:15am, $1.81
    • IGM Financial (IGM CN) 10:08am, C$0.8
    • Inter Pipeline (IPL CN) 11:26am, C$0.24
    • Intercontinental Exchange (ICE) 7:30am, $2.02
    • Lamar Advertising (LAMR) 6am, $0.37
    • Laredo Petroleum (LPI) 7am, $0.18
    • Linn Energy (LINE) 6:45am, $0.42
    • Mallinckrodt (MNK) 6am, $0.87
    • Manulife Financial (MFC CN) 6am, C$0.40 - Preview
    • Mylan (MYL) 7am, $0.72 - Preview
    • NorthStar Realty Finance (NRF) 8am, $0.35
    • NRG Energy (NRG) 6:56am, $0.18
    • OGE Energy (OGE) 7am, $0.52
    • Orbitz Worldwide (OWW) 8:03am, $0.15
    • Radian Group (RDN) 7am, $0.28
    • Sarepta Therapeutics (SRPT) 7am, $(0.77)
    • Scripps Networks (SNI) 7am, $1.13
    • Semafo (SMF CN) 8:23am, $0.03
    • Sempra Energy (SRE) 9am, $1.13
    • Springleaf Holdings (LEAF) 8am, $0.45
    • Stratasys (SSYS) 6:30am, $0.45 - Preview
    • SunEdison (SUNE) 6am, $(0.26)
    • Telus (T CN) 8:45am, C$0.58
    • Teradata (TDC) 6:55am, $0.65
    • TMX Group (X CN) 6am, C$1.01
    • TRI Pointe Homes (TPH) 6:45am, $0.16
    • Wendy’s (WEN) 7am, $0.10
    • WhiteWave Foods (WWAV) 6:30am, $0.22
    • Windstream Holdings (WIN) 7am, $0.08

PM EARNS:

    • Allscripts Healthcare (MDRX) 4:01pm, $0.09
    • Alnylam Pharmaceuticals (ALNY) 4pm, $(0.52)
    • Alona Energy (ALJ) 5:19pm, $(0.01)
    • Assured Guaranty (AGO) 4pm, $0.41
    • AuRico Gold (AUQ CN) 4:37pm, $(0.04)
    • CareFusion (CFN) 4:02pm, $0.72
    • CBS (CBS) 4:01pm, $0.72 - Preview
    • Computer Sciences (CSC) 4:22pm, $0.94
    • Consolidated Edison (ED) Aft-Mkt, $0.54
    • Credicorp (BAP) 7pm, $7.45
    • Great Plains Energy (GXP) 5:10pm, $0.41
    • Linamar (LNR CN) 4pm, C$1.28
    • Lions Gate Entertainment (LGF) 4:05pm, $0.21
    • Medivation (MDVN) 4:10pm, $0.23
    • MercadoLibre (MELI) 4:03pm, $0.26
    • Monster Beverage (MNST) 4:05pm, $0.75
    • Nvidia (NVDA) 4:20pm, $0.26
    • Pengrowth Energy (PGF CN) 7:41pm, C$0.00
    • Salix Pharmaceuticals (SLXP) 4:01pm, $1.69
    • SolarCity (SCTY) 4:05pm, $(0.99)
    • Spectrum Pharmaceuticals (SPPI) 4pm, $(0.09)
    • Sprouts Farmers Market (SFM) 4:05pm, $0.18
    • Ubiquiti Networks (UBNT) 4:05pm, $0.51
    • Vivus (VVUS) 4pm, $(0.30) - Preview
    • Zynga (ZNGA) 4:04pm, Break-even - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • World Food Prices Drop to Six-Month Low as Grain Costs Decline
  • Russia Accounts for Less Than 10% of EU’s Agriculture Exports
  • Female Lumberjacks in Japan Boost Abe Growth Plan: Commodities
  • Nickel Rises Most in Four Weeks Amid Deficit View as Mine Halts
  • Japan Buys 154,245 Metric Tons of Milling Wheat Via Tender
  • Wheat Declines in Chicago as Traders Focus on Russia Outlook
  • Raw Sugar Climbs as China Seen Buying From Brazil; Coffee Drops
  • Rubber Rises From One-Week Low as Crude’s Advance Boosts Appeal
  • China Bonded Copper Stocks Fall Further on Qingdao: Macquarie
  • Thailand to Cut Down More Rubber Trees to Reduce Supply
  • Oil Traders Flee Brent as Prices Signal Glut: Chart of the Day
  • Steel Rebar Closes Near 3-Week High Before China Trade Data
  • Noble Says Second-Quarter Profit Gains 5% on Bigger Volumes
  • Freeport Indonesia Ops. Back to Normal; To Finish Loadings 3pm
  • Russia’s Food Ban Seen by UN’s FAO as Tending to Depress Prices

 

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