THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 24, 2014


As we look at today's setup for the S&P 500, the range is 21 points or 0.39% downside to 1975 and 0.67% upside to 1996.                                        

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.96 from 1.99
  • VIX closed at 14.93 1 day percent change of 9.06%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Sept. 19 (prior 7.9%)
  • 10am: New Home Sales, Aug., est. 430k (prior 412k)
  • 10:30am: DOE Energy Inventories
  • 11:30am: U.S. to sell $13b 2Y FRN
  • 1:00pm: U.S. to sell $35b 5Y notes
  • 12:15pm: Fed’s Mester speaks in Cleveland
  • 1pm: Fed’s Evans speaks in Washington
  • 10:30pm: Reserve Bank of Australia’s Stevens speaks in Melbourne

GOVERNMENT:

    • President Obama, world leaders address UN General Assembly
    • 10am: Obama delivers UNGA address; then lunches w/ UN Sec. Ban Ki-Moon; chairs panel on foreign fighters in afternoon
    • 4:50pm: Sec. of State Kerry attends Syria Ministerial at UN
    • Senate, House out of session

WHAT TO WATCH:

  • Citizens raises $3b pricing U.S. IPO below marketed range
  • Verizon said to hire TAP advisors for tower sale by end of year
  • Starbucks to buy remainder of Japanese unit for $913.5m
  • GM forecasts 70,000 Cadillac sales in China as unit separates
  • U.S. holiday retail sales seen rising 4.5% on labor mkt gains
  • Global equities have modest upside potential, Barclays says
  • Wal-Mart partners with Green Dot for checking accounts
  • Home Depot breach said to feed card, account frauds: WSJ
  • Gross’s Pimco Total Return ETF draws SEC scrutiny, WSJ says
  • 21st Century Fox said to discuss acquisition of Starz: LA Times
  • German Business Confidence declines more than forecast
  • A month of bombs dropped in one night of U.S. strikes on Syria

AM EARNS:

    • Accenture (ACN) 7:01am, $1.10 - Preview
    • AGF Management (AGF/B CN) 8am, C$0.18
    • KB Home (KBH) 8:30am, $0.41 - Preview
    • Paychex (PAYX) Bef-mkt, $0.46
    • Vail Resorts (MTN) Bef-mkt, $(1.93)

PM EARNS:

  • HB Fuller (FUL), 5:20pm, $0.76
  • Jabil Circuit (JBL) 4:02pm, $0.01
  • Worthington (WOR) Aft-mkt, $0.64

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Price Outlook Cut by Top Shipper as Supply Surges
  • WTI Trades Near 16-Month Low Before Stockpile Data; Brent Slips
  • Diamond Dealers Face Loan Drought After Losing Bank: Commodities
  • Rebar Closes at Record Low as Australia Cuts Iron Ore Outlook
  • No Drought Relief Seen for U.S. West Without Deep Mountain Snows
  • U.K. Winter Gas Declines in Longest Streak Since June on Ukraine
  • India Court Cancels 214 Coal Mine Permits Allocated Since 1993
  • Rubber in Tokyo Falls to 5-Year Low as China Growth Seen Slowing
  • BofA Peeks Inside Venezuela’s Gold Vault to Ease Default Concern
  • Uranium Rally Threatened by Surplus as Mine Strike Eases: Energy
  • CF-Yara Talks Show How Shale Gas Is Shaking Up Fertilizer World
  • Europe’s Biodiesel Demand to Rise 43% in 2015-2020, Neste Says
  • Europe-U.S. Oil-Product Cargo Flow Rises 21% in Broker Survey
  • Copper Falls to Lowest in Three Months on China Demand Concern

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


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GLOBAL PERFORMANCE

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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