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TODAY’S S&P 500 SET-UP – September 29, 2014


As we look at today's setup for the S&P 500, the range is 32 points or 1.05% downside to 1962 and 0.56% upside to 1994.                                     

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: 1.93 from 1.95
  • VIX closed at 14.85 1 day percent change of -5.05%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, Aug., est. 0.3% (prior 0.2%)
  • 9am: Fed’s Evans speaks in Chicago
  • 10am: Pending Home Sales m/m, Aug., est. -0.5% (prior 3.3%)
  • 10:30am: Dallas Fed Mfg Activity, Sept. est. 10.5 (prior 7.1)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M, $24b 6M bills

GOVERNMENT:

    • Senate, House out of session
    • President Obama attends DNC event, India’s Prime Minister Modi attends dinner at White House
    • Sen. Ted Cruz addresses National Security Action Summit
    • U.S. ELECTION WRAP: Nunn Calls Perdue Ad ‘Lie’; Cotton Donors

WHAT TO WATCH:

  • Yahoo’s Mayer Says Will Review Starboard Letter Carefully
  • Pimco Suffers $10b of Outflows After Gross’s Departure: WSJ
  • Allianz Won’t Sell Pimco After Gross Departure: FT
  • Encana Schedules Conference Call Before U.S. Market Open
  • Stock Exchanges Plan to Meet Deadline for SEC Audit System
  • U.S. Judge Rules U.S. Bank Must Face Some Peregrine Claims
  • DreamWorks Animation Studio Said Weighing Sale to SoftBank
  • Family Dollar: State AGs to Probe Dollar General Share Deals
  • Ex-Apple CEO Sculley Says IPhone Rollout Drama Overstated
  • Russia Oil Chief Says Sanctions No Bar to Work in Arctic
  • Greenberg Team to Grill Bernanke, Paulson, Geithner on AIG
  • Commerzbank Said to Face Probe of Money-Laundering Controls
  • Oracle Cloud Product to Match Amazon.com’s Pricing: Ellison
  • Alibaba Said to Pay Credit Suisse, Morgan Stanley Top IPO Fees
  • U.S. Iraq Strikes are ‘Not America Against ISIL’: Obama
  • ‘Equalizer’ Tops Box Office; Washington Shows His Worth

EARNINGS:

    • Cal-Maine Foods (CALM) 6:30am, $1.17
    • Cantel Medical (CMN) 8am, $0.27
    • Cintas (CTAS) 4:15pm, $0.75
    • Ferrellgas (FGP) 7am, $(0.28)
    • Synnex (SNX) 4:05pm, $1.48

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Set for Biggest Loss in a Week With Brent Before Data
  • ICE Europe Takes Liffe Commodities Markets After 18 Years
  • Hedge Funds Raise Bullish Cocoa Bets on Ebola Risk: Commodities
  • Nickel Heads for Bear Market on Record Inventories Even With Ban
  • Gold Rises on Demand for Alternative Investment as Stocks Drop
  • LME Introducing One-Off Membership Application Fee as of Jan. 1
  • Iron Ore’s ‘Credible Guy’ Albanese Says Weak Prices Will Endure
  • Singapore Bourse to Start Kilobar Gold Trading to Lure Investors
  • Soybeans Drop to Four-Year Low as China Suspends Import Approval
  • Raw Sugar Rises for Fifth Session Before Expiry; Cocoa Advances
  • ABN Amro Commits to China Commodity Finance Growth Post Qingdao
  • Peanut Butter in Maple-Bacon Sandwiches as Prices Tumble: Retail
  • Rebar in Shanghai Falls to Record Low as Iron Ore Price Plunges
  • LME Raises Average Transaction Fees by 34% to Cover Investment

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