THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – September 25, 2014


As we look at today's setup for the S&P 500, the range is 34 points or 1.07% downside to 1977 and 0.64% upside to 2011.                                                         

                                                                      

SECTOR PERFORMANCE

 

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.97 from 1.98
  • VIX closed at 13.27 1 day percent change of -11.12%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Initial Jobless Claims, Sept. 20, est. 296k (pr 280k)
  • 8:30am: Durable Goods Orders, Aug., est. -18% (prior 22.6%)
  • 9:45am: Markit US Services PMI, Sept., est. 59.2 (prior 59.5)
  • 9:45am: Bloomberg Consumer Comfort, Sept. 21 (prior 37.2)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Mfg Activity, Sept., est. 6 (prior 3)
  • 1pm: U.S. to sell $29b 7Y notes
  • 1:20pm: Fed’s Lockhart speaks in Jackson, Miss.

 

GOVERNMENT:

    • Senate, House out of session
    • President Obama speaks at UN meeting on Ebola
    • Congressional Black Caucus holds 44th legislative conference: speakers incl. Reps. Lewis, D-Ga.; Rep. Becerra, D-Calif.
    • 9:30am: Gen. David Perkins speaks on role, U.S. Army’s future
    • U.S. ELECTION WRAP: Ads Pulled; Possum Festival; Cosmo Endorse

 

WHAT TO WATCH:

  • U.S.-Arab Strikes Hit Islamic State Oil Refineries in Syria
  • U.K. Seeks to Criminalize Rigging of Seven More Benchmarks
  • DHL Beats Amazon, Google to First Scheduled Drone Delivery
  • Pimco’s ETF Probe Is Said to Be Separate From Broader SEC Sweep
  • Apple to Release Fix for IOS Update Issues in “Next Few Days”
  • Ford Tops Hiring Pledge Adding 14,000 Workers in U.S. Since 2011
  • Shorting Alibaba Costs 7% to Borrow Shrs Following Biggest IPO
  • Harvard Names Stephen Blyth to Run $36.4b Endowment
  • Gold Downside Risk Seen ‘Significant’ to Goldman Sachs’s Currie
  • GE Said to Pick Banks for Australian Consumer Finance Unit Sale
  • Microchip Deadline to Make Offer for CSR Extended to Oct. 15

 

EARNINGS:

    • Diamond Foods (DMND) 4:01pm, $0.15
    • Micron Technology (MU) 4:02pm, $0.81
    • NIKE (NKE) 4:15pm, $0.88 - Preview
    • Progress Software (PRGS) 4:15pm, $0.33
    • Scholastic (SCHL) 7am, ($0.84)
    • Thor Industries (THO) 4:15pm, $1.23

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • China’s Forex Watchdog Uncovers $10 Billion in Fraudulent Trade
  • Currency to Oil Benchmarks Targeted as U.K. Extends Penalties
  • Sweet-Sour Spread Will Narrow Further When OPEC Cuts: Julian Lee
  • Vale Sees China Iron Ore Imports Rising to Absorb Seaborne Glut
  • Copper to Aluminum Fall as Stronger Dollar Curbs Investor Demand
  • Gold Premium in India Seen Doubling as Festivals Fuel Demand
  • Rubber Drops for Five Days to Five-Year Low on Demand Concern
  • UkrAgroConsult to Cut Ukraine Corn Crop Estimate to 25.9m Mt
  • Blackouts Threaten South Africa Growth as Utility Decays: Energy
  • EU Can Cope With Russia Gas Disruption Under Normal Winter: Citi
  • LME Aluminum Canceled Warrants in Detroit Rise Most Since 2012
  • France Imports Wheat From Canada and Belgium in Sept. 24 Week
  • Uganda’s Tea Production on Course to at Least Match Last Year
  • WTI Trades Near 1-Week High as U.S. Supplies Drop; Brent Steady

 

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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