• It's Coming...

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 23, 2014


As we look at today's setup for the S&P 500, the range is 34 points or 0.87% downside to 1977 and 0.84% upside to 2011.                        

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.00 from 2.02
  • VIX closed at 13.69 1 day percent change of 13.05%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 9am: FHFA House Price Index, July, est. 0.5% (prior 0.4%)
  • 9am Fed’s Bullard speaks in St. Louis at community banking conf.
  • 9:20am: Fed’s Powell speaks
  • 9:30am: Fed’s George speaks
  • 9:45am: Markit US Mfg PMI, Sept., est. 58 (prior 57.9)
  • 10am: Richmond Fed Mfg Index, Sept., est. 10 (prior 12)
  • 11:30am: U.S. to sell $40b 4W bills
  • 1pm: U.S. to sell $29b 2Y notes
  • 2pm: Fed’s Kocherlakota speaks in Marquette, Mich.
  • 4:30pm: API weekly oil inventories
  • 9:15pm: Fed’s George speaks in Cheyenne, Wyo.

GOVERNMENT:

    • Senate, House out of session
    • Obama in N.Y. for UN General Assembly, at Climate Summit, attends evening reception for heads of state
    • Hillary Clinton speaks at Clinton Global Initiative
    • American Banker Regulatory Symposium:
    • 8:15am: FDIC’s Hoenig
    • 9:45am: Treasury’s Fin. Crimes Enforcement Network’s Calvery
    • 10:15am: U.S. Bancorp CEO Davis
    • 10am: Center for American Progress holds discussion on “Finding Consensus to Improve Our Tax Code”
    • 1:30pm: White House Council of Economic Advisers Chairman Jason Furman joins Brookings Institution discussion
    • 1:30pm: HHS Secretary Burwell remarks on Affordable Care Act
    • U.S. ELECTION WRAP: Rajat Gupta and Kansas Race, Ties to Orman

WHAT TO WATCH:

  • U.S. expands airstrikes into Syria to hit Islamic State
  • Lew tries to rein in tax-cut deals with anti-inversion crackdown
  • AstraZeneca, Shire fall after Lew comments
  • Yara Seeks CF merger in fertilizer deal with $20b sales
  • Allergan said to revive discussions to buy Salix Pharmaceuticals
  • Herbalife rebounds as concerns abate that Icahn is selling stake
  • Boeing said to near $3.3b 777 jet order from Kuwait Air
  • Housing to outrun capital spending in next leg of U.S. growth
  • ‘Frozen’ is still hot as Disney dominates early holiday toy list

EARNINGS:

    • AAR (AIR) 4:05pm, $0.38
    • Bed Bath & Beyond (BBBY) 4:15pm, $1.14 - Preview
    • CarMax (KMX) 7:35am, $0.67
    • Carnival (CCL) 9:15am, $1.44 - Preview
    • Copart (CPRT) 8:08pm, $0.41
    • Steelcase (SCS) 7:58am, $0.23

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Rises From 1-Week Low on China Manufacturing; WTI Gains
  • Nickel Seen by Lennon Advancing in 2015 on Shift to Deficit
  • Lemon Lovers Get Bitter Shock on California Drought: Commodities
  • Soybean Futures Rebound From Lowest Price Since 2010 on China
  • Money Managers Raised Bullish Copper Bets on LME, Cut Aluminum
  • Gold Rises From Eight-Month Low on Syria to Physical Purchases
  • Copper Advances on China PMI as Nickel Trims Losses: LME Preview
  • Robusta Coffee Rises for First Time in Five Sessions in London
  • India May Boost Crude Steel Capacity 32%, Based on Current Plans
  • Palm Futures Rebound From One-Week Low on Indian Demand Outlook
  • Russia-U.S. West Coast Arb Stays Open on Weak Sokol: Julian Lee
  • Walter’s Bonds Lose $363 Million on Coal Woes: Distressed Debt
  • Commodities Drop Signals Global Growth Concern: Chart of the Day
  • China Steel Consumption Set to Increase in 2015, CISA Says

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 - 9A

The Hedgeye Macro Team