THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 10, 2014


As we look at today's setup for the S&P 500, the range is 17 points or 0.32% downside to 1982 and 0.53% upside to 1999.                                                       

                                                                        

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2A

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.96 from 1.95
  • VIX closed at 13.5 1 day percent change of 6.64%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Sept. 5 (prior 0.2%)
  • 9:45am: Bank of England’s Carney speaks in Parliament
  • 10am: Wholesale Inventories m/m, July, est. 0.5% (prior 0.3%)
  • 10:30am: DOE Energy Inventories
  • 1pm: U.S. to sell $21b 10Y notes

 

GOVERNMENT:

    • 9:30am: Senate Homeland Security Cmte hearing on Islamic State terrorism and cybersecurity
    • 10am: House Ways and Means Chairman Dave Camp, R-Mich., CEA Chairman Jason Furman speak at “Tax Reform: Lessons Learned and the Path Forward” discussion at Business Roundtable
    • 12:30pm: Rep. Mike Fitzpatrick, R-Pa., holds conf. call on legislation introduced to “squeeze” financial assets of Islamic State
    • 2pm: House Financial Services subcmte holds hearing on credit reporting system
    • 9pm: President Obama speaks to nation from White House about strategy to degrade, destroy Islamic State terrorist group
    • U.S. ELECTION WRAP: Presidential Failure; Udall Misstep; Ads

 

WHAT TO WATCH:

  • Microsoft said to near $2b deal to buy Minecraft maker
  • Dollar General will make hostile Family Dollar bid, Reuters Says
  • EU weighs more Russian sanctions amid fragile Ukraine cease-fire
  • TransFirst said to draw interest from TSYS after IPO filing
  • Sprint CEO deploys ‘IPhone for Life’ plan to win back customers
  • Hertz seen taking $200m writedown on aging vehicle fleet
  • Detroit reaches Syncora deal that may change bankruptcy plan
  • Vivendi said to eye Italy comeback via Mediaset pay-TV stake
  • China said to consider letting car dealers sell multiple brands
  • Japan’s Recruit plans $1.7b IPO to fund deals, expansion
  • AngloGold raising $2.1b amid international split plan
  • Ferrari chief Montezemolo steps down after clash with Fiat

 

EARNINGS:

    • Empire Co (EMP/A CN) 7:31am, C$1.35
    • Five Below (FIVE) 4:01pm, $0.14
    • Lands’ End (LE) 7am, $0.17
    • Men’s Wearhouse (MW) 4pm, $1.06
    • Restoration Hardware (RH) 4:02pm, $0.64
    • Vera Bradley (VRA) 8am, $0.19
    • Wet Seal (WTSL) 4:05pm, $(0.15)

               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Industrial Metals Extend Drop on China Concern and Dollar Rally
  • Brent Trades Below $100 for Longest Run in 16 Months on Surplus
  • Steaks for Argentines Mean EU Diners Eat Uruguayan: Commodities
  • Philippine House Ore Export-Ban Debates Unlikely Until Late 2015
  • Corn to Soybeans Trade Near 4-Year Lows on Record Crop Outlook
  • No Named Storms First Time in 22 Years as Hurricane Season Peaks
  • White Sugar Declines for Fifth Day as Arabica Coffee Rebounds
  • Former Obama Aide Summers Backs End of U.S. Crude Oil Export Ban
  • Olam Hires Alex Tan as Head of Palm Oil Trading From Golden Agri
  • Goldman Calls End to Iron Age After ‘Dramatic’ Drop in Ore Price
  • Gold Is Little Changed Near Three-Month Low on Stronger Dollar
  • Ivory Coast Cocoa-Growing Areas Got Increased Rainfall Last Week
  • China Province to Cut Irrigated Wheat to Save Water: Heibei News
  • Philippine Ore Ban Bill Not Priority for President, Senator Says

 

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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