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TODAY’S S&P 500 SET-UP – September 9, 2014


As we look at today's setup for the S&P 500, the range is 25 points or 0.98% downside to 1982 and 0.27% 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: 1.95 from 1.94
  • VIX closed at 12.66 1 day percent change of 4.71%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Business Optimism, Aug., est. 96.0 (pr 95.7)
  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 10am: JOLTs Job Openings, July, est. 4.7m (prior 4.671m)
  • 10am: Fed’s Tarullo testifies to Senate Banking Cmte
  • 11:30am: U.S. to sell $35b 4W bills
  • 1pm: U.S. to sell $27b 3Y notes
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Primaries in states including Del., Mass., N.H., R.I.
    • President Obama, congressional leaders meet on foreign policy
    • Sec. of State Kerry travels to Jordan, Saudi Arabia
    • 8am: Blackstone President James speaks at Politico breakfast
    • Confirmation hearings:
    • 10am: NRLB nominee Sharon Block  at Senate Health, Education and Labor Cmte
    • 10am: NRC nominees Jeffrey Baran, Stephen Burns at Senate Environment and Public Works Cmte
    • 10am: Fed Gov. Tarullo, FDIC Chair Gruenberg, Comptroller of Currency Curry, CFPB Dir. Cordray, SEC Chairwoman  White, CFTC Chairman Massad at Sen. Banking Cmte on Wall St. reg. system
    • 10am: VA Sec. McDonald testifies before Senate Veterans’ Affairs Cmte on investigation findings from Phoenix medical ctr
    • 10am: IRS Commissioner Koskinen, CMS’s Slavitt at House Ways and Means Cmte on Affordable Care Act implementation status
    • 10:30am: Senate Homeland Security Cmte hearing on federal programs for equipping state and local law enforcement
    • 2pm: House Science panels hold hearing on oversight of Bakken petroleum
    • U.S. ELECTION WRAP: Primaries Tomorrow; Brown, Lessig Battle

WHAT TO WATCH:

  • Apple Event: Focus on Payments, Sapphire, Smartwatch
  • McDonald’s Aug. comps seen declining for third month
  • CFTC Said to Alert Justice Department of Criminal Rate Rigging
  • U.S. Planning Tougher-Than-Basel Capital Rules, Tarullo Says
  • U.K. industrial output exceeds forecast with 0.5% increase
  • EU slows new Russia sanctions as Ukraine cease-fire gauged
  • Rakuten to acquire Ebates in Japan’s biggest e-commerce deal
  • JAB’s Jimmy Choo said near IPO to value shoemaker at $1b
  • Telefonica Germany to raise $4.7b in stock for E-Plus
  • America Movil to weigh joint bid for Telecom Italia unit
  • ABB plans $4b buyback to return cash from disposals
  • FX traders said to be surprised by narrow scope of BOE probe
  • Trump Casinos plan bankruptcy in new blow to Atlantic City
  • Home Depot confirms computer data systems have been breached

AM EARNS:

    • Barnes & Noble (BKS) 8:30am, ($0.68)
    • Burlington Stores (BURL) 7am, ($0.08)
    • Francesca’s (FRAN) 7:30am, $0.26
    • HD Supply (HDS) 6am, $0.47 - Preview
    • John Wiley & Sons (JW/A) 8am, $0.53
    • Leidos (LDOS) 6am, $0.62

PM EARNS:

    • Krispy Kreme Doughnuts (KKD) 4:05pm, $0.16
    • Oxford Industries (OXM) 4pm, $0.90
    • Palo Alto Networks (PANW) 4:04pm, $0.11
    • Peregrine Pharmaceuticals (PPHM) 4:01pm, ($0.06)
    • Science Applications Intl (SAIC) 4:01pm, $0.68

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Hedge Fund Merchant Advances 16% as Crude Declines With Iron Ore
  • Wheat Harvest Forecast Cut by Australia as Farms Need More Rain
  • Commodities Drop to Lowest Since January as Dollar Cuts Demand
  • Soy Yields Set for U.S. Record as Rains Fatten Pods: Commodities
  • Brent Crude Near 16-Month Low as Ukraine Truce Holds; WTI Rises
  • Lingering Ice This Year Delays Opening of Northern Sea Route
  • OIL DAYBOOK: Crude Inventory Draw Fcast; Buzzard Said Shut Again
  • Cold to Grip Northern U.S. Offers a Preview of Chills to Come
  • Corn Extends Decline as U.S. Yields Seen Topping USDA Forecast
  • Indonesia Palm Exports May Become Tax-Free as Prices Drop: Gapki
  • Chinese Hot-Pots Stir Imports of Beef, Mutton: Chart of the Day
  • Gold Is Little Changed Near Three-Month Low on Dollar to Ukraine
  • India July Coal Imports Rise 9% Y/Y to 17.95 Mln Mt: Interocean
  • Rubber Falls to 5-Year Low as China Supplies Compound Thai Glut

 

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