THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – August 29, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.24% downside to 1972 and 0.61% upside to 2009.                                                          

                                                                     

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.84 from 1.84
  • VIX closed at 12.05 1 day percent change of 2.29%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, July, est. 0.3% (prior 0.4%)     
  • 8:30am: Personal Spending, July, est. 0.2% (prior 0.4%) 
  • 9am: ISM Milwaukee, Aug., est. 60 (prior 63.87)               
  • 9:45am: Chicago Purchasing Manager, Aug. 56.5 (prior 52.6)        
  • 9:55am: UMich Confidence, Aug. final, est. 80 (prior 79.2)            
  • 1pm: Baker Hughes rig count     
  • 3pm: New York Fed to release Sept. QE schedule            

               

GOVERNMENT:               

    • President Obama to  Westchester, N.Y., for DNC fundraiser, Newport, R.I., for DCCC event        
    • Senate, House out on August recess      
    • IMF executive board meeting; considering Ukraine reforms, actions, add’l $1.4b traunche in aid               
    • U.S. ELECTION WRAP: Immigration Politics; Dark Money; Platforms         

 

WHAT TO WATCH:

  • Takeda, Lilly lose bid to overturn $9b Actos award           
  • Fiat clears Chrysler-merger hurdle as withdrawals below cap      
  • JPMorgan hack said to start mos. ago exploiting multiple flaws  
  • Schaeuble sees Draghi at end of road to help spur euro region  
  • J&J said to be exploring sale of Cordis devices business 
  • Microsoft cuts 1,050 jobs in Finland as talks end, YLE reports       
  • IBM, Ford win dismissal in U.S. of claims they aided apartheid    
  • Google takes rivalry w/Amazon to the skies with drone testing 
  • Tesla signs deal w/China Unicom to set up 400 charging points   
  • Google’s Smith said to be headed to D.C. for U.S. CTO Role         
  • Tesco slumps as retailer cuts div. 75% on lower outlook
  • Omega Pharma said to get interest from Perrigo to Boehringer 
  • U.S. joins EU denouncing Russia over surging Ukraine warfare   
  • U.S. Jobs, Fed, ECB, BOE, NATO, Abe: Wk Ahead Aug. 30-Sept. 6              
  • U.S. markets closed Monday for Labor Day holiday         

               

EARNINGS:        

    • Big Lots (BIG) 6am, $0.30             

                               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Sugar From Thailand Heading for NY Bourse Amid Global Glut
  • Aluminum Set for Record Run of Monthly Gains as Supplies Shrink
  • Corn Heists Turning Port Into Argentina’s Chicago: Commodities
  • WTI Oil Set for First Weekly Gain in Six on Economy; Brent Rises
  • Gold Falls for First Time in Four Days on Improving U.S. Economy
  • Wheat Extends Climb as Black Sea Tensions May Threaten Supplies
  • German Power Set for More Spikes in Winter on Supply Risk
  • Rubber Has Biggest Monthly Drop Since April on Ample Supplies
  • Russia-Ukraine Interim Gas Accord Sought by EU as Winter Nears
  • Morgan Stanley Extends Diesel-Buying Spree Amid Supply Surge
  • Rebar Drops for 2nd Month to Near Record Low on Weakening Demand
  • U.S. LNG Export Market Smaller if EU Enters Deflationary Period
  • WTI Oil Seen Rising on Ukraine-Russia Conflict in Analyst Survey
  • Sugar Rises in New York on Brazil Supply Concern; Coffee Gains

 

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 - 10

 

 

The Hedgeye Macro Team

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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