THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 4, 2014


As we look at today's setup for the S&P 500, the range is 19 points or 0.64% downside to 1988 and 0.31% upside to 2007.                                 

                                                                                              

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 1.88
  • VIX closed at 12.36 1 day percent change of 0.90%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: Bank of England seen maintaining bank rate of 0.5%
  • 7:30am: Challenger Job Cuts y/y, Aug. (prior 24.4%)
  • 7:30am: RBC Consumer Outlook Index, Sept. (prior 51.5)
  • 7:45am: ECB seen maintaining refinancing rate of 0.150%
  • 8:15am: ADP Employment Change, Aug., est. 220k (prior 218k)
  • 8:30am: ECB’s Draghi hold news conference in Frankfurt
  • 8:30am: Trade Balance, July, est. -$42.4b (prior -$41.5b)
  • 8:30am: Initial Jobless Claims, Aug. 30, est. 300k (prior 298k)
  • 8:30am: Nonfarm Productivity, 2Q final, est. 2.4% (prior 2.5%)
  • 9:45am: Markit US Services PMI, Aug. final, est. 58.5 (pr 58.5)
  • 9:45am: Bloomberg Consumer Comfort, Aug. 31 (prior 37.3)
  • 10am: ISM Non-Mfg Composite, Aug., est. 57.7 (prior 58.7)
  • 10:30am: EIA Natgas storage change
  • 11am: DOE Energy Inventories
  • 11am: U.S. to announce plans for auction of 3M/6M bills, 3Y/10Y notes, 30Y bonds
  • 12:30pm: Fed’s Mester speaks in Pittsburgh
  • 7pm: Fed’s Powell speaks on Libor in New York
  • 8:15pm: Fed’s Fisher speaks in Dallas
  • 9pm: Fed’s Kocherlakota speaks in Helena, Mont.

 

GOVERNMENT:

    • Obama attends NATO summit, meeting of NATO-Ukraine Commission, attends dinner on security challenges at Cardiff castle
    • Senate, House out on final week of summer recess
    • 11am: Investors, activists hold news conf. on 1m comments filed in support of political spending petition to SEC “to expose the hidden influence of corporate money”
    • 11am: FCC Chairman Tom Wheeler delivers remarks on future of broadband
    • Noon: Treasury Sec. Jack Lew delivers remarks commemorating Treasury Dept’s 225th anniversary
    • U.S. ELECTION WRAP: Ballot Initiatives; Ads Pulled in Alaska

 

WHAT TO WATCH:

  • Tibco said to pitch sale to private equity amid strategic review
  • Manulife strengthens Canada hold with Standard Life purchase
  • Commerzbank said near $650m settlement on Iran violations
  • August U.S. comp. sales seen in line on school shopping
  • Home Depot working with Symantec to investigate suspected breach
  • Samsung unveils wraparound Note to counter large-screen iPhones
  • Draghi push for ECB easing intensifies as ABS plan in focus
  • Germany’s factory orders rebound in sign of returning growth
  • BOJ keeps record easing as Kuroda aims to sustain recovery
  • Computers for hire said to send stolen JPMorgan data to Russia
  • Export-Import plan said to leave companies without loan clarity
  • PVH rises after second-quarter profit tops analysts’ estimates
  • China said to limit foreign TV content on streaming websites

 

AM EARNS:

    • Ciena (CIEN) 7am, $0.29 - Preview
    • Hovnanian Enterprises (HOV) 9:15am, $0.09 - Preview
    • Joy Global (JOY) 6am, $0.84 - Preview
    • Mattress Firm (MFRM) 6am, $0.60
    • UTi Worldwide (UTIW) 8am, $0.01
    • VeriFone Systems (PAY) Bef-mkt, $0.35 - Preview

 

PM EARNS:

    • Ambarella (AMBA) 4:05pm, $0.28
    • Cooper Cos (COO) 4pm, $1.90
    • Finisar (FNSR) 4pm, $0.32
    • Infoblox (BLOX) 4:05pm, $0.01
    • Quiksilver (ZQK) 4:04pm, $0.03
    • Seachange Intl (SEAC) 4:02pm, $(0.21)
    • Verint Systems (VRNT) 4:05pm, $0.60
    • Zumiez (ZUMZ) 4pm, $0.23

               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Rises to Seven-Week High on Philippine Ore-Export Concern
  • Iron Ore Slump No Bar to Supply as China Mines Shut: Commodities
  • WTI Crude Declines on Rising U.S. Fuel Inventories; Brent Falls
  • Philippine Ore Ban May Almost Triple Nickel Deficit: Bull Case
  • Gold Trades Little Changed Above 11-Week Low on Demand to Dollar
  • Corn Holds Near Lowest Since 2010 as U.S. Harvest Seen at Record
  • Vegetable Oil Prices Seen Recovering, Oil World’s Mielke Says
  • LME to Start Aluminum Premium Contract Early 2Q15: Chamberlain
  • U.K. Power Jumps as EDF Delays Start of Four Nuclear Reactors
  • Christie in Mexico Calls for U.S. to End Oil Export Restrictions
  • Saudi Arabia Selling Oil to U.S. Imperiled by Shale Boom: Energy
  • Rio’s Andrew Woodley to Take Over Oyu Tolgoi Mine Amid Disputes
  • Bean-Hoarding Epidemic Deepens Dollar Shortage: Argentina Credit
  • Philippine Ore Ban Wins Support While Implementation Far Off

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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