TODAY’S S&P 500 SET-UP – October 10, 2014
As we look at today's setup for the S&P 500, the range is 35 points or 0.37% downside to 1921 and 1.44% upside to 1956.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.87 from 1.87
- VIX losed at 18.76 1 day percent change of 24.16%
MACRO DATA POINTS (Bloomberg Estimates):
- Monthly Budget Statement, Sept., est. $82b (prior $75.1b)
- 8:30am: Import Price Index, Sept., est. -0.7% (prior -0.9%)
- 9am: Fed’s Plosser speaks in New York
- 1pm: Fed’s George speaks in McCook, Neb.
- 1pm: Baker Hughes rig count
- 2:08pm: Fed’s Fisher speaks in Dallas
- 3pm: Fed’s Lacker speaks in Chicago
GOVERNMENT:
- President Obama speaks at San Gabriel Mountains national monument designation
- Senate, House out of session
- 12:30pm: World Bank President Jim Yong Kim speaks on “Rising to the Renewable Energy Challenge” panel at International Monetary Fund, World Bank annual meeting
- 1:30pm: G-20 news conference
WHAT TO WATCH:
- Symantec to Divide Into Storage and Security Businesses
- GE’s Immelt Sees Divestitures in Plotting 2015 Deal Strategy
- Juniper Slides After Preliminary Results Miss Its Own Forecast
- Dave & Buster’s Raises $94 Million in Games and Food Chain IPO
- Family Dollar Profit Declines as Price Cutting Reduces Margins
- GT Advanced Wants Permission to Wind Down Sapphire Operations
- Pimco Cut Government-Related Debt Last Month as Gross Quit
- Minimum-Wage Backers to Get Unlikely Ally With Next NRF Chairman
- U.K. House-Price Growth Slows to 10-Month Low on Rate Prospects
- Spanish Hospital Monitors 13 People for Risk of Ebola Contagion
- Tesla’s Musk Unveils All-Wheel-Drive Version of Model S
- Fidelity Investments Said Hit in JPMorgan-Hack Attack: WSJ
- U.S. Retail Sales, JPMorgan, IMF, Li Trip: Wk Ahead Oct. 11-18
EARNINGS:
- Fastenal (FAST) 6:50am, $0.45
- Progressive (PGR) 8:14am, $0.44
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Oil Extends Bear Market Tumble on Global Glut; Brent Slumps
- Commodities Drop Near Five-Year Low on Growth Concern to Gluts
- Copper Set for Longest Losing Run Since 2008 as Economies Slow
- Barge Fees Limit Exports as Crops Compete for Space: Commodities
- Fracking Setback in Poland Dims Hope for Less Russia Gas: Energy
- Gold Cuts Weekly Gain as Improving U.S. Data Strengthens Dollar
- Corn Falls to Trim Weekly Gain on Crop Outlook, Equities Slide
- Freeport Offers Rio Recipe to Repel Glencore Advances: Real M&A
- Coffee Reaches Highest Since March in London; Sugar Declines
- Indonesia to Miss Oil Output Target of 1 Million Barrels Daily
- Palm Oil Extends Retreat as Export Drop Signals Slowing Demand
- Glencore Said to Have Explored Possible Australia Listing
- Gold Traders Most Bullish in Five Weeks on Fed Growth Concern
- LME Aluminum Wait Times in Detroit Climbed to 702 Days in Sept.
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team