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TODAY’S S&P 500 SET-UP – August 26, 2014


As we look at today's setup for the S&P 500, the range is 35 points or 1.15% downside to 1975 and 0.60% upside to 2010.                                               

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: 1.88 from 1.88
  • VIX closed at 11.7 1 day percent change of 2.01%

 

MACRO DATA POINTS (Bloomberg Estimates):         

  • 7:45am: ICSC weekly sales
  • 8:30am: Durable Goods, July, est. 8% (pr 0.7%, rev 1.7%)
  • 8:55am: Redbook weekly sales
  • 9am: FHFA House Price Index m/m, June, est. 0.3% (prior 0.4%)
  • 9am: S&P/Case Shiller 20-City m/m SA, June, est. 0.0% (pr -0.31%)
  • 10am: Consumer Confidence Index, Aug., est. 89 (prior 90.9)
  • 10am: Richmond Fed Manufacturing Index, Aug., est. 6 (prior 7)
  • 11:30am: U.S. to sell $50b 4W bills
  • 1:00pm: U.S. to sell $29b 2Y notes
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • President Obama at American Legion convention, Charlotte, N.C.
    • Senate, House out on August recess
    • U.S. ELECTION WRAP: Primaries in Ariz., Fla.; Curtis Diary

WHAT TO WATCH:

  • Buffett said to help finance Burger King’s tax-saving deal
  • Ackman gains 30% in 2014 with Burger King, Herbalife wagers
  • Muni assets said to be excluded for U.S. bank liquidity rule
  • GM’s Chevrolet, Buick achieve sole gains in annual auto survey
  • GMO crop curbs overturned by judge in Hawaii: WSJ
  • Telefonica board said to discuss improving GVT bid this week
  • U.S. surveillance planes fly over Syria: AP sources
  • Putin set to meet Poroshenko as Ukraine border tension grows

AM EARNS

    • Bank of Montreal (BMO CN) 7am, C$1.66 - Preview
    • Bank of Nova Scotia (BNS CN) 6am, C$1.41 - Preview
    • Best Buy (BBY) 7am, $0.31 - Preview
    • DSW (DSW) 7am, $0.32
    • Movado (MOV) 7am, $0.54
    • Sanderson Farms (SAFM) 6:30am, $3.80
    • Tech Data (TECD) 6am, $0.77

PM EARNS

    • Analog Devices (ADI) 4:04pm, $0.63
    • Aruba Networks (ARUN) 4:05pm, $0.23
    • Bob Evans Farms (BOBE) 4:01pm, $0.10
    • Heico (HEI) 4:23pm, $0.44
    • Nimble Storage (NMBL) 4:05pm, $(0.16)
    • Smith & Wesson (SWHC) 4:05pm, $0.25
    • Solera (SLH) 4:08pm, $0.80
    • TiVo (TIVO) 4:01pm, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Hedge Fund Citrine Picks Zinc, Nickel as Best Base Metal Wagers
  • Iron Ore Risks Extending Drop as Price Falls to Lowest Since ‘12
  • Brazil Coffee Output Set for Worst Slump Since 1965: Commodities
  • Gold Climbs Most in Almost Three Weeks as Decline Spurs Buying
  • WTI Trades Near Seven-Month Low Before Supply Data; Brent Steady
  • China’s 2014 Copper Imports to Sustain Last Yr’s Pace: Antaike
  • Sanderson Profit Disappoints After It Misses Poultry Forecast
  • Turkey to Belarus Gold Reserves Said by IMF to Decrease in July
  • Raw Sugar Imports Rising 29% in Indonesia as Drinks Demand Booms
  • Soybean Futures Drop for Second Day to Lowest Since Sept. 2010
  • China Requires U.S. Govt GMO Certification for DDGS: Cngrain.com
  • Corn Futures Seen Extending Decline to Year-End, UBS Says
  • Wells Fargo Sees Energy Rebound as Crude, Gas Weakness Temporary
  • Billionaires Lose Wealth as India Mine Permits Ruled Illegal
  • Nexen’s Buzzard Field Said Not to Have Restarted as Planned

 

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