THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 19, 2014


As we look at today's setup for the S&P 500, the range is 20 points or 0.76% downside to 1996 and 0.23% upside to 2016.                                          

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.05 from 2.05
  • VIX closed at 12.03 1 day percent change of -4.90%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Leading Economic Indicators, Aug., est. 0.4% (pr 0.9%)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 8am: House Intelligence Chairman Mike Rogers, R-Mich., delivers keynote Intelligence and National Security Summit
    • 9:30am: Sec. of State John Kerry remarks on importance of inclusive economic growth at New Frontiers in Development forum
    • 2pm: Kerry chairs UN Security Council Iraq ministerial debate
    • 10am, 1:30pm: FCC holds open Internet roundtable discussions
    • 1pm: CVS CEO Merlo speaks at Nat’l Press Club
    • U.S. ELECTION WRAP: La., Colo., Kan. Polls; Adelson Donations 

WHAT TO WATCH:

  • Scotland rejects independence 55% to 45%
  • Alibaba raises $21.8b in U.S. IPO
  • Ellison becomes Oracle chairman as Catz, Hurd split CEO job
  • SAP to buy Concur for $129/share or ~$7.4b
  • Home Depot says data breach affected 56m payment cards
  • Arkema bids $2.2b for Total’s Bostik adhesives business
  • Telefonica to buy Vivendi’s Brazil unit GVT for $9b
  • JetBlue names Hayes as CEO as Barger leaving at contract end
  • Clorox says executive Benno Dorer to succeed Knauss as CEO
  • AIG says Wintrob departs after being passed over for CEO job
  • Goldman Sachs faces SEC probe on internship for Libyan: WSJ
  • Regulators said to weigh delay for separating banks’ swaps units
  • Exxon said to halt Arctic well drilling on Russian sanctions
  • Congress clears spending bill with U.S. aid to Syrian rebels
  • Lockheed said close to $4b F-35 deal with Pentagon: Reuters
  • U.S. said to see chance for progress in nuclear talks with Iran
  • Apple IPhone 6 Plus contains Hynix, BRCM, QCOM: iFixit teardown
  • China fines Glaxo $489m, ending investigation of bribery
  • U.K. prosecutors said to ready more charges on Libor this year

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Oil Falls as Fed Outlook Counters Supply Risk; Brent Steady
  • Fortescue’s Forrest Lauds China City Push as Iron Ore Slumps
  • Natural Gas Supply Gain Hides Risk of Winter Price Shock: Energy
  • Gold Falls Toward 8-Month Low as Fed Outlook Strengthens Dollar
  • Copper Heads for a Fourth Weekly Decline on Slowdown in Housing
  • Cocoa Climbs to Three-Year High as Ebola Seen Risk to Production
  • Wheat Extends Drop to 4-Year Low as Demand Wanes Amid More Crops
  • EU Emissions Drop Seen Accelerating as Lawmakers Mull Supply Fix
  • Earth Baked in Record Fashion This Summer Even If You Were Cool
  • Soybean Traders Bearish for Sixth Week on U.S. Harvest Outlook
  • Oil Clogging U.S. Rail Seen Constricting Grain Exports: Freight
  • Libya Resumes Oil Flows to EU as Africa Exports Remain Subdued
  • Rebar Falls to Record Low as Weak Property Sector Hurts Demand
  • India Monsoon Food Grain Output Seen Falling 6.9% to 120.3m Tons

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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