THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 11, 2014


As we look at today's setup for the S&P 500, the range is 16 points or 0.64% downside to 1983 and 0.17% upside to 1999.          

                                                                                                                     

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: 1.97 from 1.97
  • VIX closed at 12.88 1 day percent change of -4.59%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Initial Jobless Claims, Sept. 6, est. 300k (pr 302k)
  • 8:45am: Bloomberg U.S. Economic Survey, Sept.
  • 9:45am: Bloomberg Consumer Comfort, Sept. 7 (prior 37.7)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: U.S. to announce plans for auction of 3M/6M/1Y bills, 10Y TIPS
  • 12pm: USDA WASDE crop report for Sept.
  • 1pm: U.S. to sell $13b 30Y bonds in reopening
  • 2pm: Monthly Budget Stmt, Aug., est. -$130b (pr -$147.914b)

 

GOVERNMENT:

    • House, Senate receive briefings on Islamic State
    • 7:30am:  National Association of Federal Credit Unions holds 3rd day of Congressional Caucus Lineup, with Sen. Toomey, R-Pa.; HUD Secretary Castro; Sen. Johanns, R-Neb.; House Foreign Affairs Chair Royce, R-Calif.; Rep. Moore Capito, R-W.Va.; CEA Chairman Furman; Freddie Mac CEO Layton
    • 8:30am: Sen. Hatch of Utah ranking Republican on Senate Finance Cmte, at U.S. Chamber of Commerce event on tax reform
    • 9am: House Armed Services Chairman McKeon, R-Calif. makes remarks Islamic State following Middle East leader mtg last wk
    • 10am Sir Richard Branson speaks at CSIS event on “Time to Rethink Global Drug Policy”
    • 6pm: GWU  discussion with Iraqi Ambassador to the U.S. Faily
    • U.S. ELECTION WRAP: GOP Cavalry Rides to Kansas; Attack Ads

 

WHAT TO WATCH:

  • RBS, Lloyds London move ‘irreversible’ after Scot turmoil
  • Investors Pull $2b From U.K. Funds Ahead of Scottish Vote
  • Credit Agricole said to near accord in U.S. sanctions probe
  • MasterCard loses fight at top EU court over card-fee limits
  • McDonald’s sued in Russia on claim of understating calorie count
  • BofA’s Merrill said to appeal $136m Takefuji verdict
  • Axa said in advanced talks to sell Hong Kong pension-fund unit
  • Paulson opposes ‘destructive’ AngloGold share sale plan
  • JDSU breakup plan said to follow push from hedge fund Sandell
  • Twitter seeks up to $1.5b in convertible debt offering
  • RadioShack financing deal said prepared by UBS, Standard Gen
  • Obama relying on Middle East allies to carry Islamic State fight

 

EARNINGS:

    • Dollarama (DOL CN) 7:30am, C$1.03
    • Kroger (KR) 8:30am, $0.69 - Preview
    • Lululemon Athletica (LULU) 7:15am, $0.29 - Preview
    • North West (NWC CN) 4:30pm, C$0.40
    • RadioShack (RSH) 6am, ($0.66)
    • Transcontinental (TCL/A CN) 10:05am, C$0.46
    • Ulta Salon Cosmetics (ULTA) 4pm, $0.82

               

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Food Prices Near Four-Year Low as Milk to Cooking Oils Fall
  • Commodities Drop to 4-Year Low With Abundant Corn to Oil Supply
  • Saudi Arabia Cuts Production as Brent Slips Below $100 a Barrel
  • Fungus Stoked by Warming Threatens Organic Coffee: Commodities
  • IEA Cuts Demand Estimate as Saudi Exports Drop to 2011 Low
  • Spot Gold Extends Drop to Fall 0.8% to Lowest Since Jan. 31
  • Wheat Tumbles With Soybeans to Four-Year Low Before USDA Report
  • Copper Falls to Lowest Since June as Dollar Gains Erode Demand
  • Palm Imports by India Seen Surging 60% as Prices Slump on Glut
  • Coffee Reserves in Vietnam Seen Shrinking to Lowest Since 2011
  • Glencore Offers Bonds in Australia as It Assesses Local Targets
  • Gold-Oil Link Strongest in 11 Months as Europe Woes Drive Losses
  • Raw Sugar Futures Extend Decline in New York; Cocoa Also Falls
  • California’s Water-Starved Farmers Stymied by Fish Protections
  • Brent Crude Falls to 16-Month Low With WTI as IEA Cuts Estimates

 

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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