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TODAY’S S&P 500 SET-UP – September 15, 2014


As we look at today's setup for the S&P 500, the range is 21 points or 0.43% downside to 1977 and 0.63% upside to 1998.                                                            

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: 2.04 from 2.05
  • VIX closed at 13.31 1 day percent change of 3.98%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Mfg, Sept., est. 16 (prior 14.69)
  • 9:15am: Industrial Production, Aug., est. 0.3% (prior 0.4%)
  • 9:15am: Capacity Utilization, est. 79.3% (prior 79.2%)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $23b 6M bills

GOVERNMENT:

    • Senate, House in session
    • 9:30am: FHA Commissioner Carol Galante speaks on future of agency at housing summit hosted by Bipartisan Policy Center
    • 3pm: Senate Homeland Security and Governmental Affairs Cmte hearing on D.C. statehood
    • 8:15pm: Hillary Clinton delivers keynote address at Cardiovascual Research Foundation’s Transcatheter Cardiovascular Therapeutics Conf.

WHAT TO WATCH:

  • Danaher agrees to buy Nobel Biocare for ~$2.2b in cash
  • Heineken spurned SABMiller offer, will stay independent
  • Alibaba said to raise top end of price range to <$70 vs $60-$66
  • Sinopec sells $17.5b stake in fuel unit to investors
  • Micro focus to buy Attachmate in $1.2b all-share deal
  • Denmark’s TDC to buy Norway cable provider Get AS for $2.2b
  • Ackman’s Pershing fund aims to raise $2b in Amsterdam IPO
  • ZF selling steering-venture stake to Bosch to help TRW deal
  • United Rentals, Universal Health to join S&P 500
  • Independent Scotland faces GBP14b hole in budget: study
  • Beheading spurs coalition efforts in fight vs Islamic State
  • Gold industry needs ‘cleansing’ of weakest miners: Fidelity
  • Salix’s budesonide foam for treating colitis awaits FDA verdict
  • Sony’s ‘No Good Deed’ beats ‘Guardians’ to lead NA box office
  • Citigroup, JPMorgan, others report monthly credit-card data
  • BARRON’S ROUNDUP: New AmEx, Alibaba, Lam, Popular, Allstate

              

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Extend Decline to Lowest Since ’09 on China Slowdown
  • Brent Crude Falls to Two-Year Low as China Industry Output Slows
  • Hedge Funds Lower Crop Bets to Lowest Since January: Commodities
  • Nickel Falls for Fifth Session as China Data Indicates Slowdown
  • Arabica Coffee Drops on Outlook for Rain in Brazil; Sugar Falls
  • U.K. Gas Contracts Climb Most in Two Weeks Amid Reduced Flows
  • Iron Ore Rebound Seen by Morgan Stanley as Vale Predicts $100
  • Wheat Drops Below $5 for First Time Since 2010 on Global Output
  • Steel Rebar Rises as Record Low Price Spurs Restocking Demand
  • Cotton Extends Loss in N.Y., Heads for Biggest Drop Since July
  • Gold Industry Needs ‘Cleansing’ of Weakest Miners, Fidelity Says
  • H.K. Gold Bourse Approved to Build Precious-Metal Vault in China
  • Major Hurricane Odile Set to Rake Mexico’s Baja California Sur
  • Palm Oil Seen Dropping as Mistry Has Buy Call on Planter Stocks

 

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