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TODAY’S S&P 500 SET-UP – September 30, 2014


As we look at today's setup for the S&P 500, the range is 25 points or 0.80% downside to 1962 and 0.47% upside to 1987.                                                       

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 1.91
  • VIX closed at 15.98 1 day percent change of 7.61%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 9am: ISM Milwaukee, Sept., est. 61 (prior 59.63)
  • 9am: S&P/Case-Shiller Home Prices m/m July est 0.0% (pr -0.2%)
  • 9:45am: Chicago Purchasing Mgr, Sept., est. 62 (prior 64.3)
  • 10am: Consumer Confidence Index, Sept., est. 92.5 (pr 92.4)
  • 10:45am: Fed’s Powell speaks in Washington
  • 11:30am: U.S. to sell $30b 4W bills
  • 3pm: Fed issues QE schedule for Oct.
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate, House out of session
    • Obama, Modi hold bilateral meetings at White House
    • 10am: House Oversight and Govt. Reform Cmte  hearing on Secret Service security protocols w/agency director Pierson
    • 10:30am: FCC open meeting; subjects incl. sports blackouts
    • 12:30pm-2:15pm: Hillary Clinton speaks at Congressional Hispanic Caucus Institute conference
    • 2pm: Attorney General Eric Holder delivers remarks at Global Alliance Conf. against child sexual abuse
    • 3:45pm: Speaker Boehner, Democratic leader Pelosi, Modi media availablity after meeting
    • U.S. ELECTION WRAP: Ballot Law Key in Kan. Race; Sen. Outlook

WHAT TO WATCH:

  • iPhone 6, 6 Plus to be available in China from Oct. 17
  • Apple’s Irish tax deal doesn’t comply with EU standards
  • U.S. seeks to reverse locks on Apple, Google smartphone data
  • Iron Mountain said to consider more than $2b Recall bid
  • FCC said to consider rules to help web TV svcs. access shows
  • Netflix to co-produce ‘Crouching Tiger’ sequel
  • Computer Sciences said to approach Blackstone, Bain on LBO
  • AMC said close to $200m deal for stake in BCC America
  • Argentina found in contempt of court on bond payment fight
  • Euro-region inflation slows as ECB prepares for policy meeting
  • Pimco talks to Morgan Stanley, BofAML on strategy: WSJ
  • Total Return fund cut to bronze by Morningstar
  • GM CEO Barra to give detailed plan for cash, WSJ says
  • Schlumberger said to remove U.S., EU staff from Russia
  • Supervalu, Albertson’s discover new holes in card networks
  • AIG bailout by U.S. was ‘extortion,’ Greenberg lawyer says
  • Lawmakers to quiz Secret Service chief on White House breaches
  • Venezuela’s Maduro says on TV that Clorox abandoned country

EARNINGS:

    • Walgreen (WAG) 7:30am, $0.74 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Falls to Lowest Since January as Metal Set for Monthly Drop
  • Oil Heads for Biggest Quarterly Drop Since 2012 on Ample Supply
  • Gluts Spur Investor Exit Signaling Prolonged Slump: Commodities
  • European Coal Set for 10th Quarterly Drop as Power Demand Wanes
  • Iron Ore Heads for Record Run of Losses as Global Surplus Builds
  • Freeport Says Grasberg Copper Shipments Continue Amid Suspension
  • Rubber in Tokyo Trims Third Quarterly Loss as Thai Exports Fall
  • U.K.’s Wheat Farmers May Delay Planting After Driest September
  • Soybeans Head for Quarterly Slide Before USDA on Harvest Outlook
  • Nasdaq OMX Plans First German Renewable Power Futures in 2015
  • Rebar Pares Record Quarterly Loss as Recent Drop Seen Excessive
  • Corn Price Rout Seen Nearly Complete by UBS as U.S. to Cut Area
  • Dubai Gold & Commodities Exchange Pushes Back New Gold Contract

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