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TODAY’S S&P 500 SET-UP – October 7, 2014


As we look at today's setup for the S&P 500, the range is 41 points or 1.42% downside to 1937 and 0.67% upside to 1978.                                                      

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: 1.88 from 1.89
  • VIX closed at 15.46 1 day percent change of 6.25%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 10am: JOLTs Job Openings, Aug., est. 4.7m (prior 4.673m)
  • 10am: IBD/TIPP Economic Optimism, Oct. est. 45.1 (prior 45.2)
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $27b 3Y notes
  • 3pm: Consumer Credit, Aug., est. $20.0b (prior $26.006b)
  • 2:30pm: Fed’s Kocherlakota speaks in Rapid City, S.D.
  • 3pm: Fed’s Dudley speaks in Troy, N.Y.
  • 4:30pm: API weekly oil inventories
  • 4:30pm: Fed’s Potter speaks in New York

GOVERNMENT:

    • Senate, House out of session
    • 8am: FCC Chairman Wheeler lecture at Newseum event
    • 8:45am: Treasury’s Lew speaks at Peterson Institute on global economy ahead of IMF/World Bank meetings in Washington
    • 8:45am: CFPB’s Thomas Kearney, FTC’s Malini Mithal speak at American Bar Assn conference on consumer financial svcs
    • 10am: Supreme Court hears case involving religious rights in prison
    • 1pm: Woodrow Wilson Center holds discussion on “The Politics and Process of Keystone XL”
    • U.S. ELECTION WRAP: Senate Debates in N.H., Colo.; Gay Marriage

WHAT TO WATCH:

  • IBM Said to Resume Talks to Offload Chip Unit to Globalfoundries
  • Time Warner’s Turner to Eliminate 10% of Jobs to Boost Profit
  • Paulson Says AIG Harsh Loan Terms Needed as Geithner to Testify
  • U.S. Banks Said to Face Another Round of Charges by DOJ: NYT
  • Banks Face 25% Loss-Absorbency Rule in FSB Too-Big-to-Fail Plan
  • Lundin Agrees to Buy Freeport Chile Copper Mine for $1.8b
  • Allergan Asks Judge to Block Ackman From Voting Stock at Meeting
  • AT&T Says Employee Gained Unauthorized Access to Customer Data
  • HP Going It Alone in PCs Faces Tough Suppliers, Shrinking Market
  • HP Seeks Judge’s Approval of Revised Autonomy Deal Settlement
  • U.S. Holiday Sales Seen Rising Most Since 2011 on Job Gains
  • Amazon Said to Face EU Antitrust Probe Over Luxembourg Tax Deal
  • German Industrial Output Drops Most Since 2009 as Risks Rise
  • Samsung Earnings Slump 60% as Galaxy Smartphones Sales Struggle
  • Bank of Japan Sees Wider Dissent on Inflation Language
  • Tesla Seen Adding All-Wheel-Drive Model S Version by Analysts
  • Sanofi Notifies U.S. Authorities on Bribery Allegations
  • Hong Kong Tensions Ease on Talks as City Weighs Cost of Protests
  • Social Finance to File for $200m-$250m IPO Next Yr: WSJ

EARNINGS:

    • International Speedway (ISCA), 7:30am, $0.01
    • Yum Brands (YUM) 4:15pm, $0.83

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Falls With WTI as German Output Fans Growth Concern
  • Palm Production in Malaysia Seen Declining Most Since February
  • Gold Trades Above 2014’s Low Before China Returns From Holiday
  • Rio Tinto Jumps After Saying It Rejected Glencore Approach
  • Copper Declines Amid Concern European Demand Is Set to Weaken
  • Cotton Glut Eroding Cost for Gap as China Buys Less: Commodities
  • Soybeans Drop From Two-Week High in Chicago on Rising Reserves
  • Palm Oil Climbs a Second Day as Malaysian Output Seen Dropping
  • Indonesia’s Tin Exports Climb Most in Four Months in September
  • Iron Ore Futures Volume in Sept. Seen by TSI Overtaking Swaps
  • Chile Top Renewable Market on Sunny Desert, Windy Shores: Energy
  • EU Manufacturing Reaps $2.5 Billion Permit Win: Carbon & Climate
  • Occidental Said to Seek Buyer for $3 Billion Bakken Oil Business
  • Glasenberg’s Designs on Rio Tinto Hinge on China Inc.’s Approval

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