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TODAY’S S&P 500 SET-UP – September 17, 2014


As we look at today's setup for the S&P 500, the range is 30 points or 1.10% downside to 1977 and 0.40% 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: 2.04 from 2.06
  • VIX closed at 12.73 1 day percent change of -9.84%

 

MACRO DATA POINTS (Bloomberg Estimates)

  • 7am: MBA Mortgage Applications, Sept. 12 (prior -7.2%)
  • 8:30am: CPI m/m, Aug., est. 0.0% (prior 0.1%)
  • 8:30am: Current Account Bal., 2Q, est. -$113.4b (pr -$111.2b)
  • 10am: NAHB Housing Market Index, Sept., est. 56 (prior 55)
  • 10:30am: DOE Energy Inventories
  • 2pm: Fed seen maintaining overnight bank lending rate target between 0% and 0.25%, reducing QE purchases by $10b
  • 2:30pm: Fed’s Yellen holds news conference on FOMC

GOVERNMENT:

    • President Obama in Tampa to attend briefings at Centcom
    • 10am: Benghazi Select Cmte hearing
    • 10:15am: Senate Finance Cmte hearing on energy tax incentives, revising the U.S. energy tax code
    • 10:30am: Senate Judiciary Cmte holds hearing on open Internet, net neutrality debate
    • 10:30am: Sen. Armed Services Cmte leaders to hold news briefing to release newly declassified report on yr-long investigation of cyber hacking into computer networks of some defense contractors
    • 1pm: Wells Fargo CEO John Stumpf talks about role of financial services in economy at National Press Club
    • 2pm: CFTC holds meeting to consider rule on margin requirements and final rule on utility special entities
    • 2pm: House Oversight panel holds hearing on IRS, missing e-mails
    • 2:30pm: Senate Foreign Relations Cmte hears from Sec. of State John Kerry on U.S. strategy to defeat Islamic State

WHAT TO WATCH:

  • Fed Decision Day Guide: considerable debate on forward guidance
  • China joins ECB in adding stimulus as Fed scales back
  • Microsoft’s Nadella raises dividend, changes 2 board members
  • Citigroup embraces derivatives risk as deals surge
  • Endo offers $2.2b for men’s health drugmaker Auxilium
  • Sony widens full-year net loss forecast to 230b yen vs 50b yen
  • Credit Suisse loans said to draw regulatory scrutiny: WSJ
  • Scots independence campaigns make final appeals ahead of vote
  • U.K. “bad bank” said to prefer JPMorgan as bidder: Telegraph
  • Barclays hid trader role after questions, Schneiderman says

EARNINGS:

    • Clarcor (CLC) 5:08pm, $0.79
    • Cracker Barrel (CBRL) 7am, $1.56
    • FedEx (FDX) 7:30am, $1.96 - Preview
    • General Mills (GIS) 6:55am, $0.69 - Preview
    • Herman Miller (MLHR) 4pm, $0.47
    • Lennar (LEN) 6am, $0.67 - Preview
    • Pier 1 Imports (PIR) Aft-Mkt, $0.13
    • United Natural Foods (UNFI) 4:05pm, $0.65

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Seen Stabilizing by Australia as High-Cost Mines Close
  • Cattle Viewed as Last Bull After Herds Dwindled: Riskless Return
  • Brent Crude Rebounds as Libya’s Sharara Field Shut; WTI Steady
  • Copper Trades Near One-Week High as Top User China Adds Stimulus
  • France’s Panic Over Wheat Supplies Seen Easing as Harvest Ends
  • Record Corn Fills Silos While Eroding Farmer Prices: Commodities
  • Gold Is Little Changed Near Eight-Month Low as Fed Ends Meeting
  • Rubber Gains for 3rd Day on Bets China Stimulus May Boost Demand
  • Nigeria Seeks to Avert Oil Terminal Halt Amid Strike Action
  • U.S. LNG No Panacea as Asia and Europe to Boost Imports, BG Says
  • NOREXECO Gets License for Forestry to Paper Derivatives Exchange
  • Russian Grain Demand Seen by Grain Union Rising on Refugees
  • Fracking Study Spurs Call for Rules to Leakproof U.S. Gas Wells
  • Steel Rebar in Shanghai Halts Decline as China Boosts Stimulus

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