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TODAY’S S&P 500 SET-UP – September 22, 2014


As we look at today's setup for the S&P 500, the range is 19 points or 0.67% downside to 1997 and 0.28% upside to 2016.                                                      

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: 2.01 from 2.01
  • VIX closed at 12.11 1 day percent change of 0.67%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Natl Activity, Aug. est. 0.33 (pr 0.39)
  • 9am: ECB’s Draghi speaks in Brussels
  • 10am: Existing Home Sales, Aug., est. 5.20m (prior 5.15m)
  • 10:05am: Fed’s Dudley speaks in New York
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $23b 6M bills
  • 7:30pm: Fed’s Kocherlakota speaks in Marquette, Mich.

GOVERNMENT:

    • Senate, House out of session
    • 8:15am: FDIC Chairman Martin Gruenberg speaks at American Banker Regulatory Symposium in Arlington, Va.
    • 4pm: Treasury Sec. Jack Lew gives speech on economics of climate change at Hamilton Project-hosted event, followed by roundtable discussion with former Treasury Sec. Robert Rubin
    • 4:15pm: Comptroller of the Currency Thomas Curry speaks at American Banker Regulatory Symposium in Arlington, Va.

WHAT TO WATCH:

  • Siemens buys Dresser-Rand for $7.6b to expand in oil equipment
  • Tesco starts probe after overstating profit guidance by ~$408m
  • Alibaba’s bankers said to increase shr sale size to record $25b
  • Apple iPhone 6 Plus outselling smaller model: Piper survey
  • Apple iPhone weekend sales preview
  • Deutsche Bank says currency trader dismissed on misreporting
  • U.S. Treasury seeking to close tax address loophole, Lew says
  • Blackstone halting efforts to find deals in Russia: FT
  • Google selects HTC to make 9-inch Nexus tablet: WSJ
  • Emirates airline plans U.S. expansion as widebody fleet grows
  • Insider buying dries up defying $275b of buybacks
  • Clorox said to reject takeover offer with 20% premium: NYPost
  • Mitsubishi Corp. offers to buy Norway’s Cermaq for $1.4b
  • Total to cut costs, sell assets after lowering output forecast
  • SK buys shale gas asset from Continental Resources: MoneyToday
  • German union calls strikes at Amazon warehouses: Reuters
  • China Finance Chief Lou say eco growth faces downward pressure
  • UN’s Ban joins 310,000-strong march for climate action

EARNINGS:

    • AutoZone (AZO) 7am, $11.26
    • Neogen (NEOG) 8:45am, $0.23

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Leads Industrial Metals Lower on Outlook for Slower China
  • Commodities Extend Declines to Five-Year Low in ‘Capitulation’
  • Hedge Funds Make Record Bet on Lower U.S. Diesel Prices: Energy
  • Gold Is Little Changed Near Eight-Month Low as Silver Declines
  • Corn Declines With Soybeans to 2010 Lows on Increasing Supplies
  • Brent Crude Declines on Concern China Growth Slowing; WTI Drops
  • Indonesian Police Probe Clears 82 Tin Containers for Exports
  • Iron Ore Futures Decline Below $80/MT to Record Low in Singapore
  • Rubber Production Seen Declining by Consortium of Top Exporters
  • Merkel’s Taste for Coal to Upset $130 Billion Green Drive
  • Al-Amoudi to Invest $500 Million in Ethiopian Coffee, Oranges
  • U.K. Royal Mint Starts Online Trading Site for Gold Coins
  • Libya Crude Oil Production at 700k B/D, NOC Spokesman Says
  • Gasoline Pump Prices Seen Falling After Slump to 7-Month Low
  • Gold Bulls Extend Longest 2014 Exit as Prices Drop: Commodities

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