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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 25, 2014


As we look at today's setup for the S&P 500, the range is 30 points or 1.08% downside to 1967 and 0.43% upside to 1997.                              

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: 1.89 from 1.91
  • VIX closed at 11.47 1 day percent change of -2.47%

 

MACRO DATA POINTS (Bloomberg Estimates):           

  • 8:30am: Chicago Fed Natl, July, est. 0.20 (prior 0.12)
  • 9:45am: Markit U.S. Composite PMI, Aug. prelim (prior 60.6)
  • 9:45am: Markit U.S. Services PMI, est. 58.0 (prior 60.8)
  • 10am: New Home Sales, July, est. 429k (prior 406k)
  • 10:30am: Dallas Fed Mfg, Aug., est. 12.8 (prior 12.7)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $29b 3M bills, $24b 6M bills

GOVERNMENT:

    • Senate, House out on August recess
    • FCC deadline for comments on proposed Comcast-Time Warner Cable merger
    • 1pm: Atlantic Council briefing on “Mexico’s Energy Reform: Ready to Launch” report

WHAT TO WATCH:

  • Roche to buy InterMune for $8.3b, adding lung drug
  • Roche said to have decided against bidding for rest of Chugai
  • CME opens electronic futures trading after 4-hour delay
  • Burger King mulls Tim Hortons deal in tax-saving Canada move
  • Occidental talks to Mubadala on $3b asset, PIW reports
  • Jackson Hole theme is labor markets can’t take higher rates
  • Pershing, Valeant say Allergan investors demand mtg on deal
  • Wal-Mart said to move India COO Mediratta to U.S. ops
  • Advaxis, Merck enter clinical trial pact for cancer treatment
  • Goldman’s new partner class unlikely to grow from 2012: WSJ
  • California quake to cost insurers up to $1b, Eqecat says
  • German business confidence drops for 4th month as risks rise
  • China urges U.S. to halt close air surveillance
  • Friends Life said to hire Goldman for sale of intl unit

EARNINGS:

    • OSI Systems (OSIS) 8:30am, $1.17
    • Prospect Capital (PSEC) 4pm, $0.32
    • Qihoo 360 (QIHU) 5pm, $0.67
    • Renren (RENN) 6pm, ($0.08)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent, WTI Oil Prices Reverse Decline as Libya Tensions Persist
  • China Gold Imports Drop for Fifth Month on Weak Consumer Demand
  • Speculators Lower Gold Bull Wagers on Rate Outlook: Commodities
  • Soybeans Slump to Lowest Since 2010 as U.S. Crop Seen at Record
  • CME Opens Electronic Trading on Futures After Four-Hour Delay
  • Copper in New York Swings Near 3-Week High After Trading Delay
  • Palm Oil Prices Seen Rebounding in 4Q on Demand, CIMB’s Ng Says
  • Hedge Fund Crude Bets Tumble Amid Surging Global Supply: Energy
  • Kurdish Oil Shipments From Turkey Said to Resume as Tanker Loads
  • TOP Oil Market News: Brent Rebounds on Libya to Iraq; WTI Steady
  • Rhodium Rally Pushes Price Past Platinum, Gold: Chart of the Day
  • BNP Paribas Recommends Selling Oct. Singapore Fuel Oil Crack
  • California Quake Crumples Buildings With Scores Injured in Napa
  • Gold Falls as Dollar Advances on Fed Outlook; Silver Halts Drop

 

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 6

GLOBAL PERFORMANCE

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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