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THE HEDGEYE DAILY OUTLOOK

 TODAY’S S&P 500 SET-UP – September 16, 2014


As we look at today's setup for the S&P 500, the range is 18 points or 0.36% downside to 1977 and 0.55% upside to 1995.                                                       

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.02 from 2.05
  • VIX closed at 14.12 1 day percent change of 6.09%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:30am: PPI Final Demand m/m, Aug., est. 0.0% (prior 0.1%)
  • 8:55am: Redbook weekly sales
  • 11am: Fed to purchase $2b-$2.5b in 2021-2024 sector
  • 11:30am: U.S. to sell $30b 4W bills, $25b 52W bills
  • 2pm: Net Long-term TIC Flows, July, est $25b (prior -$18.7b)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 8:30am: FCC holds Open Internet Roundtable discussion
    • 9am: Sen. Johnny Isakson, R-Ga., remarks at  Bipartisan Policy Center summit
    • 9:15am: SEC Chairwoman Mary Jo White keynote at SAIS Global Conf. on Women in the Boardroom; 1:30pm Sec. Penny Pritzker
    • 10am: Business Roundtable 3Q CEO Economic Outlook Survey results, including tax reform’s impact on U.S. investment
    • 12pm: American Constitution Society hosts Supreme Court preview
    • 2:30pm: CDC Director Tom Frieden speaks before Senate Health, Education Cmte
    • 2:30pm: Senate Commerce panel holds hearing on oversight of NHTSA
    • U.S. ELECTION WRAP: Polls in N.C., N.H; Attack Ad Responses

WHAT TO WATCH:

  • Alibaba boosts  U.S. IPO size to $21.8b or $66/shr-$68/shr
  • Calpers to cut entire $4b in hedge funds on costs, complexity
  • Allergan agrees with Pershing, Valeant on Dec. 18 meeting
  • Pioneer to sell DJ business to KKR for ~60b yen: Nikkei
  • World’s biggest banks said to overhaul FX trading
  • German ZEW Sept. investor expectations at 6.9, est. 5.0
  • Orange offers to buy Jazztel of Spain for $4.4b
  • Google algorithm must be transparent, German minister says: FT
  • House GM defects probe said to fault federal regulators: NYT
  • U.S. said to complain to China over anti-monopoly crackdown
  • Boeing, Lockheed JV to develop new rocket engine: Reuters
  • Fed rate raises seen as gradual in survey as inflation muted

EARNINGS:

    • Adobe Systems (ADBE) 4:15pm, $0.26
    • Apogee Enterprises (APOG), 4:30pm, $0.33
    • FactSet Research Systems (FDS) 7am, $1.31

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Uranium Enters Bull Market Amid Russian Sanctions, Strike
  • WTI Trades Near One-Week High Before Supply Data; Brent Stable
  • U.S. Can’t Get Sugar for Dum Dums With Import Limit: Commodities
  • Gold Rises in London on Signs of More Buying as Fed Meets Today
  • Copper Advances O.5% to $6,856 a Ton in London Trading
  • Rubber Climbs to 1-Week High as Lower Prices Reduce Thai Output
  • India’s Rice Crop Prospects Improve as Rains Revive, Group Says
  • Rebar Falls to Near Record Low After Foreign Investments Drop
  • China Bans Use of Coal With High Ash or Sulfur to Fight Smog
  • China Reduces Wheat Irrigation as Farming Depletes Groundwater
  • Nigeria to Triple Natural-Gas Production to Meet Power Needs
  • World Hunger Declines as One-in-Nine Seen Chronically Underfed
  • Scotland Gold Demand Seen Rising Before Independence Referendum
  • Gold Party Ends as Volatility Drops to 4-Year Low Before Fed

 

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CURRENCIES


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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team