THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – October 2, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 0.98% downside to 1927 and 0.87% upside to 1963.                             

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.90 from 1.87
  • VIX closed at 16.71 1 day percent change of 2.45%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts y/y, Sept. (prior -20.7%)
  • 7:30am: RBC Consumer Outlook Index, Oct. (prior 52.4)
  • 7:45am: ECB seen holding refinance rate at 0.5%
  • 8:30am: Init Jobless Claims, Sept. 27, est. 297k (prior 293k)
  • 8:30am: ECB’s Draghi holds news conference
  • 9:45am: ISM New York, Sept. (prior 57.1)
  • 9:45am: Bloomberg Consumer Comfort, Sept. 28 (prior 35.5)
  • 10am: Factory Orders, Aug., est. -9.5% (prior 10.5%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: U.S. to announce plans for auction of 3M/6M bills, 3Y/10Y notes, 30Y bonds
  • 12pm: Fed’s Dudley speaks in New York
  • 1pm: Fed’s Lockhart speaks in Atlanta
  • 8pm: Fed’s Bullard speaks in Tupelo, Miss.

GOVERNMENT:

    • President Obama speaks on economy at Northwestern University
    • Supreme Court may issue list of cases it plans to consider
    • Senate, House out of session
    • FHFA Director Mel Watt, housing experts, community leaders hold town-hall meeting at Detroit Public Library
    • 11am: IMF Managing Director Christine Lagarde delivers remarks on “The Challenges Facing the Global Economy”
    • U.S. ELECTION WRAP: No Democrat in Kan. Race; Debates in Alaska

WHAT TO WATCH:

  • BofA CEO Brian Moynihan Named Chairman as Crisis Struggles Fade
  • Draghi Buying Spree Seen Starting Modestly in ECB Program
  • WTI Slips Below $90 for First Time in 17 Months on Supply
  • Tesla’s Musk Says Company Will Introduce New Product Next Week
  • Box Said to Delay IPO Until 2015 on Market Volatility
  • Citigroup Ordered to Turn Over Banamex Files to Pension Fund
  • Trump Entertainment Pegs Casino Survival on Icahn’s $100m
  • Ebola Patient’s Flight Spanned 4 Airports on 3 Continents
  • RealD Gets Takeover Offer From Yahoo! Activist Starboard Value
  • Sands’ Adelson Predicts Macau High-Roller Rebound in 2 Months
  • ‘Pirates’ Sequel to Film in Australia as Lower FX Cuts Cost

EARNINGS:

    • Actuant (ATU) 8am, $0.52
    • Constellation(STZ) 7:30am, $1.15
    • Global Payments (GPN) Bef-mkt, $1.14
    • McCormick (MKC) 6:30am, $0.81
    • Resources Connection (RECN) 4pm, $0.14

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Slips Below $90 for First Time in 17 Months on Supply
  • Rubber Slumps to 2009 Low as Producers Seen Needing to Do More
  • Pork Wounds Heal as Hogs Profit From U.S. Corn Bust: Commodities
  • Gold Climbs on Demand for Alternative Investment as Stocks Drop
  • Europe Skirting Freeze Preserves Gas Stocks Amid Ukraine Crisis
  • Copper Swings as Dollar Remains Near Highest Level Since 2010
  • Corn Declines on Outlook for Abundant U.S. Harvest; Wheat Climbs
  • Arabica Coffee Rises to One-Month High While Cocoa Futures Drop
  • Saudis Cut OSPs Deeply to Regain Asian Mkt Share: Bernard Leung
  • FinEx Capital Expanding in Commodities Led by Simon Smith
  • OPEC ’Appears to Be Gearing Up for Price War’: Commerzbank
  • Thailand Shifts Away From Buying Crops as Junta Tackles Reserves
  • Pacific Sees Storm Deja Vu as Atlantic Starts to Run Out of Time
  • Investors Pull Most Money From Commodity ETFs in ‘14 on Glut
  • Gold Sales at Perth Mint Reach 11-Month High as Prices Retreat

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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