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

TODAY’S S&P 500 SET-UP – August 12, 2014


As we look at today's setup for the S&P 500, the range is 51 points or 2.01% downside to 1898 and 0.62% upside to 1949.                                        

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: 1.99 from 1.99
  • VIX closed at 14.23 1 day percent change of -9.77%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business Optimism, July, est. 96 (pr 95)
  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 11:30am: U.S. to sell $50b 4W bills
  • 1:00pm: U.S. to sell $27b 3Y notes
  • 2pm: Monthly Budget Statement, July, est. -$96b (prior -$97.6b)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate, House on Aug. recess; Obama on Martha’s Vineyard
    • Conn., Minn., Wis. hold primaries
    • U.S. ELECTION WRAP: Hawaii Primary; Democrats, GOP Cross Lines

WHAT TO WATCH:

  • Apple’s suppliers said to start production of new iPads
  • GM says China JV contacted by anti-monopoly regulator
  • Gross cuts govt-related debt in July amid Fed rate wagers
  • Sprint CEO plans cost cuts to compete aggressively for users
  • Caesars CEO: no qualified bidders for Revel in Atlantic City
  • Goldman, QNB said to arrange loan for Travelex acquisition
  • Tesla Model S defects emerged over time, Consumer Reports says
  • Samsung, Apple to lose global smartphone mkt share, Fitch says
  • Electronic Arts preps expanding games subscriptions worldwide
  • California smartphone anti-theft bill nears final approval
  • Barclays quant trading unit said to take employees in spinout
  • Russia sends aid convoy to Ukraine as U.S. warns on invasion
  • Maliki bid to block successor al-Abadi escalates Iraq crisis
  • Israel says no progress in Gaza talks as Egypt presses truce
  • German investor confidence slumps as Ukraine crisis worsens
  • Rio Tinto CFO questions Oyu Tolgoi mine expansion, JPM says
  • Mapp Pharma says supply of Ebola drug is exhausted

AM EARNS:

    • CST Brands (CST) 7am, $0.49
    • Flowers Foods (FLO) 6am, $0.24
    • Insys Therapeutics (INSY) 7am, $0.30
    • Kate Spade (KATE) 7:34am, break-even  - Preview
    • Towers Watson (TW) 6am, $1.25
    • Tribune Media (TRBAA) 8am, $0.62
    • Valspar (VAL) 7:30am, $1.16

PM EARNS:

    • Cree (CREE) 4:01pm, $0.41
    • Element Financial (EFN CN) 5:06pm, C$0.10
    • Fossil (FOSL) 4:01pm, $0.96
    • Jack Henry (JKHY) 4:15pm, $0.60
    • JDS Uniphase (JDSU) 4:05pm, $0.13
    • King Digital (KING) 4pm, $0.59 - Preview
    • Myriad Genetics (MYGN) 4:05pm, $0.46
    • Russel Metals (RUS CN) 5:05pm, C$0.47
    • Tahoe Resources (THO CN) 4:25pm, $0.21 - Preview
    • URS (URS) 4:05pm, $0.74
    • ViaSat (VSAT) 4:05pm, $0.14

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Falls a Third Day With WTI as IEA Sees Supply Glut
  • Gold Is Little Changed Below 3-Week High in London on Ukraine
  • Nickel’s 56% Rally Spurs Mine Restarts Amid Ore Ban: Commodities
  • El Nino Signs Re-Emerge as Weakening Trade Winds Warm Pacific
  • Zinc Leads Industrial Metals Higher as Geopolitical Risks Ease
  • Wheat Extends Decline Before USDA Report on U.S. Crop Outlook
  • Palm Oil Futures Rebound From Lowest Level in More Than One-Year
  • Rubber Closes Near 4-Week Low on Concern China Demand Waning
  • China Aims to Approve Rare Earth Groups by Year-end: Sec. Daily
  • California Drought Alters Markets as Growers See Dry Future
  • Weakest Oil Demand Growth Since ’12 Allays Supply Risk, IEA Says
  • Tepco Said to Seek Spot LNG Cargoes for Delivery in Oct., Nov.
  • Dam Burst Won’t Delay Startup of New Mine, Imperial Says
  • Robusta Coffee Falls in London on Vietnam Supplies; Sugar Gains

 

THE HEDGEYE DAILY OUTLOOK - 5A

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6A

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