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TODAY’S S&P 500 SET-UP – September 8, 2014


As we look at today's setup for the S&P 500, the range is 15 points or 0.68% downside to 1994 and 0.06% upside to 2009.                                                               

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: 1.94 from 1.95
  • VIX closed at 12.09 1 day percent change of -4.35%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $26b 3M bills, $23b 6M bills
  • 3pm: Consumer Credit, July, est. $17.0b (prior $17.255b)

GOVERNMENT:

    • Senate, House return from summer recess
    • 8:45am Treasury Sec. Lew speaks on tax reform
    • 9:30am: HHS SEC. Burwell speaks to students, staff and faculty
    • U.S. ELECTION WRAP: Roberts Shakes Up Campaign; Polls
    • Obama’s immigration delay forced by Republican amnesty attacks

WHAT TO WATCH:

  • Electrolux to acquire GE’s appliances unit for $3.3b
  • FMC buys Cheminova for $1.8b as CEO tweaks break-up plan
  • Facebook’s WhatsApp takeover faces fast EU review, Almunia says
  • EU seeks to extract Google concessions to rescue antitrust pact
  • CenturyLink said seeking to acquire Rackspace for cloud services
  • Brent crude declines below $100 for first time since 2013
  • Alibaba M&A spree to be questioned at Waldorf as IPO starts
  • U.K. races to extend powers to Scots to blunt independence drive
  • Scotland independence seen risking $23b of power projects
  • Disney’s ‘Guardians’ leads slowest box office weekend since 2001
  • EU Banks sidestepping bonus cap face crackdown from regulators
  • German trade surplus at record as exports rise to all-time high
  • GM to introduce hands-free driving in Cadillac model in 2016
  • Schumer draft proposal on inversions could reach back 20 yrs
  • Ryanair said poised for $11b purchase of Boeing Max Jets
  • Rakuten in talks to buy U.S. online shopping operator Ebates
  • U.S. expands air offensive to protect Iraqi dam from militants
  • Ukrainian deaths test cease-fire as both sides report casualties
  • U.S. gasoline falls to $3.4631 a gallon in Lundberg Survey

EARNINGS:

    • Campbell Soup (CPB) 7am, $0.49
    • Casey’s General Stores (CASY) 4pm, $1.25
    • FuelCell Energy (FCEL) 4:10pm, ($0.03)
    • Korn/Ferry Intl (KFY) 4:05pm, $0.40
    • NCI Bldg Systems (NCS) 4:05pm, $0.09
    • Triangle Petroleum (TPLM) 5:58pm, $0.15

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Climbs to 9-Week High on Philippine Ore Supply Concerns
  • Brent Crude Declines Below $100 for First Time in 14 Months
  • Raw Sugar Rebounds From 7-Month Low While New York Cocoa Drops
  • Gold Bulls Retreat as $1.6 Billion Erased From ETPs: Commodities
  • Palm Oil Rises to Two-Week High as Exports May Expand on Waiver
  • Gold Trades Little Changed Near 12-Week Low on U.S. to Ukraine
  • Corn Declines as Traders Weigh Record U.S. Production Outlook
  • Philippine House Body Approves Bill Banning Mineral Ore Exports
  • Drillers Piling Up More Debt Than Oil Hunting Fortunes in Shale
  • BNP Paribas Said to Curb Commodity-Trade Finance to Trafigura
  • China Aluminum Exports Rise With Steel as Demand at Home Wanes
  • Hedge Funds Reduce Bullish Gas Bets as Volatility Slides: Energy
  • Clearinghouses Get CFTC Scrutiny So Solution Isn’t Problem
  • China’s Import Drop Caused by Falling Commodity Prices, CBA Says
  • Credit Suisse Sees Aluminum Rally Overdone Amid Plentiful Supply

 

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