TODAY’S S&P 500 SET-UP – August 11, 2014
As we look at today's setup for the S&P 500, the range is 57 points or 2.00% downside to 1893 and 0.95% upside to 1950.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.99 from 1.98
- VIX closed at 15.77 1 day percent change of -5.34%
MACRO DATA POINTS (Bloomberg Estimates):
- No major economic data expected
- U.S. Rates Weekly Agenda
- FX Weekly Agenda
GOVERNMENT:
- Senate, House on Aug. recess
- Fed Vice Chairman Stanley Fischer delivers speech on “The Great Recession: Moving Ahead” at conference in Stockholm; 3:15am
- Washington Week Ahead
WHAT TO WATCH:
- Kinder Morgan buys KMP, KMR, EPB in $44b deal
- TPG said to match KKR’s $3.2b offer for Treasury Wine
- Wall St. said to seek clarity on regulators’ loan guidelines
- GM loses bid to throw out ignition suit that spurred recalls
- Sanofi to pay MannKind as much as $925m for insulin
- Amazon takes on Disney’s superheroes in online pricing fight
- Lions Gate wins injunction over ‘Expendables 3’ Web downloads
- Microsoft introduces Nokia 130 mobile phone at EU19
- Putin praises alliance w/Exxon as Arctic drilling starts
- LinkedIn sees marketing solutions as $1b business by 2017
- Maliki deploys troops in Baghdad as govt talks fail
- Israel, Palestinians observe new truce as longer accord sought
- China monetary loosening tests effectiveness of credit
AM EARNS:
- Dean Foods (DF) 8am, $(0.06)
- Gogo (GOGO) 7:30am, $(0.23)
- Hawaiian Electric (HE) 6am, $0.38
- Opko Health (OPK) 9:02am, $(0.09)
- Priceline (PCLN) 7am, $12.02 - Preview
- Sysco (SYY) 8am, $0.50
- Ventas (VTR) 7:37am, $0.45
PM EARNS:
- Caesars Entertainment (CZR) 4:01pm, $(1.27)
- Forest Oil (FST) 5:02pm, $(0.02)
- Globalstar (GSAT) 4:05pm, $(0.04)
- Halozyme Therapeutics (HALO) 4:15pm, $(0.16)
- Inter Parfums (IPAR) 4:05pm, $0.22
- Legacy Oil + Gas (LEG CN) Aft-Mkt, C$0.09
- MannKind (MNKD) 4pm, $(0.11)
- MasTec (MTZ) 4:58pm, $0.40
- Mindray Medical Intl (MR) 5pm, $0.55
- Nuance Communications (NUAN) 4:01pm, $0.27
- ParkerVision (PRKR) 4:01pm, $(0.03)
- PDL BioPharma (PDLI) 4:02pm, $0.52
- Rackspace Hosting (RAX) 4:01pm, $0.16
- Resolute Energy (REN) 5:51pm, $0.01
- Towerstream (TWER) 4pm, $(0.10)
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Brent Trades Near 9-Month Low After U.S. Iraq Strike; WTI Steady
- Gold Falls in London as Investors Weigh Signs Tensions Easing
- Wheat Bears Retreat as Black Sea Supply Risks Mount: Commodities
- Hedge Funds Snub Natural-Gas Rally as Supply Gains Loom: Energy
- Rubber in Tokyo Extends Drop on Concern Supply Outpacing Demand
- Palm Oil Inventories Climb From One-Year Low as Output Increases
- Nonghyup Feed Tenders to Buy as Much as 140,000 Tons of Corn
- Aluminum Advances to Two-Week High as Stockpiles Shrink Further
- U.S. Steel Rebound Undermined by China Exports: Chart of the Day
- Australia Seeks Clarity on Goods Heading to Russia After Ban
- U.S. Gasoline Declines to $3.5206 a Gallon in Lundberg Survey
- California Drought Transforms Markets as Growers See Dry Future
- JPMorgan Skeptical as CSN Pledge Spurs Bond Surge: Brazil Credit
- Copper Good Buy on Limited Aluminum Substitution: Morgan Stanley
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
