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TODAY’S S&P 500 SET-UP – August 28, 2014


As we look at today's setup for the S&P 500, the range is 28 points or 0.76% downside to 1985 and 0.64% upside to 2013.                                                           

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: 1.83 from 1.85
  • VIX closed at 11.78 1 day percent change of 1.29%

 

MACRO DATA POINTS (Bloomberg Estimates) 

  • 8:30am: GDP Annualized, 2Q revised, est. 3.9% (prior 4%)
  • 8:30am: Initial Jobless Claims, Aug. 23, est. 300k (pr 298k)
  • 9:45am: Bloomberg Consumer Comfort, Aug. 24 (prior 36.6)
  • 10am: Pending Home Sales m/m, July, est. 0.5% (prior -1.1%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Mfg Activity, Aug., est. 7 (prior 9)
  • 11am: U.S. to announce plans for auction of 3M/6M bills

GOVERNMENT:

    • Senate, House out on August recess
    • Federal Deposit Insurance Corp releases quarterly report on bank earnings
    • 12pm House Dem. Leader Nancy Pelosi press conf. call on women’s agenda, including equal pay legislation

         

WHAT TO WATCH:

  • Russian hackers said to attack 5 banks seeking customer data
  • U.S. sees Russia directing rebel counteroffensive in Ukraine
  • Lagarde to explain her role in French legal case to IMF board
  • Boeing, Airbus vying for $2b order from India’s Air One
  • Goldman cedes NYSE post as speed traders seize stock floor
  • Telefonica lifts GVT bid to $9.8b to rival Telecom Italia
  • Dollar General reports earns; Family Dollar deal a focus
  • Paramount said to plan $2.5b IPO in biggest REIT offering
  • Google extends local advertisements on smartphones to desktops
  • Ford begins production of first Mustang to be sold worldwide
  • Glaxo’s Ebola vaccine set to begin tests in humans next week
  • Sands sues brother of trader in Chinese probe over casino debt
  • Wal-Mart’s Massmart profit plunges on weaker S. Africa spend
  • CSR rejects Microchip approach; says is considering options
  • Spain growth picks up as consumer prices drop most since 2009
  • TripAdvisor to begin trading on Nasdaq today under TRIP
  • Tel Aviv switch to Mon.-Fri. trading backed by TASE brokers

AM EARNS:

    • Abercrombie & Fitch (ANF) 7:30am, $0.11 - Preview
    • CIBC (CM CN) 6am, C$2.21 - Preview
    • Coty (COTY) 6:30am, $0.05
    • Dollar General (DG) 7am, $0.83 - Preview
    • Genesco (GCO) 7:28am, $0.55
    • Hanwha SolarOne (HSOL) 6am, no est.
    • Laurentian Bank of Canada (LB CN) 8:33am, C$1.40 - Preview
    • Pall (PLL) 7am, $1.06
    • Signet Jewelers (SIG) 7am, $0.98
    • Toronto-Dominion Bank (TD CN) 6:30am, C$1.09 - Preview

PM EARNS:

    • Avago Technologies (AVGO) 4:05pm, $1.05
    • OmniVision Technologies (OVTI) 4:18pm, $0.53
    • Pacific Sunwear (PSUN) 4pm, $(0.03)
    • Splunk (SPLK) 4:02pm, $(0.02)
    • Veeva Systems (VEEV) 4:02pm, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Declines as Crude Stockpiles Expand at Cushing; Brent Steady
  • Gold-Price Indicator Fades as ETPs Lose $71 Billion: Commodities
  • Commodity Income at Top 10 Banks Seen Climbing 21% in First Half
  • New Ship Rules Come Amid Worst Barge Spills Since 2008: Freight
  • Aluminum Advances for Fourth Day as LME Stockpiles Decline
  • Sugar Rises in New York on Brazil Supply Outlook; Coffee Falls
  • China Commodity Buyer Changhua Says Banks Resume Credit Line
  • Congo Copper Shipments Halt as Botswana Bars Entry to Stem Ebola
  • Rubber in Tokyo Falls on Yen as Thai Price Slumps to 5-Year Low
  • Palm Oil Climbs From Five-Year Low on Chinese Demand Outlook
  • Cotton Seen Dropping to Lowest Since ’09 by Gap’s Indian Partner
  • Drier Sept.-Nov. Seen for Parts of Southeast Australia: Bureau
  • Glencore Says Company is Preferred Proponent for Bauxite Project
  • Modi’s Faster Green Permits Seen Fueling Growth: Corporate India

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