TODAY’S S&P 500 SET-UP – October 14, 2014
As we look at today's setup for the S&P 500, the range is 88 points or 1.37% downside to 1849 and 3.32% upside to 1937.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 1.81 from 1.86
- VIX closed at 24.64 1 day percent change of 16.01%
MACRO DATA POINTS (Bloomberg Estimates):
- 7:45am: ICSC weekly sales
- 8:30am: NFIB Small Business Optimism, Sept, est 95.8 (pr 96.1)
- 8:55am: Redbook weekly sales
- 11am: U.S. to announce plans to auction of 4W bills
- 11:30am: U.S. to sell $24b 3M bills, $27b 6M bills
- 4:30pm: API weekly oil inventories
GOVERNMENT:
- Senate, House out of session
- Supreme Court may release list of cases it plans to consider
- Sec. of State John Kerry meets with Russian Foreign Minister Sergei Lavrov in Paris
- Obama at meeting with >20 foreign defense chiefs/ Joint Chiefs of Staff Chairman Martin Dempsey at Andrews
- 9am: Mexican Secretary of Economy Ildefonso Guajardo speaks at Woodrow Wilson Center
- 9:30am: Kaiser Family Foundation releases 50-state Medicaid budget survey, holds briefing
- U.S. ELECTION WRAP: Debates in Ky, Ark; Ebola; SD Polls, Ads
WHAT TO WATCH:
- JPMorgan 3Q Profit Misses, Rev Beats; Down 1% Pre-Mkt
- Too-Big-to-Fail Banks Face Capital Gap of Up to $870b
- Repo Traders Face FSB Collateral Rule in Shadow Bank Crackdown
- Google Expands U.S. Shopping Service in Challenge to Amazon.com
- BlackRock Confident on 5% Growth Target on Shift From Cash
- EMC Acquiring Cloud Startup Cloudscaling to Boost Storage Sales
- Billionaire Niel’s Iliad Surges After Dropping T-Mobile US Bid
- Scrapped Deals at 6-Yr High as Iliad Walks Away From T-Mobile
- Gazprom 2Q Profit Rises Less Than Forecast; Revenue Increases
- SABMiller Sales Trail Estimates Amid Weaker Volumes in Asia
- Chevron Delays $12b Deep Water Drilling Project: Jakarta Post
- Samsung Electronics to Make Facebook Exclusive Phone: Daily
- Apple Won’t Introduce Retina Macbook Air on Oct. 16: Re/code
- Bumble Bee Said to Attract Bids From Thai Union, Mitsubishi
- CVC Said to Near Accord to Buy Finnish Insulation Maker Paroc
- Oil Demand Growth This Year Seen Weakest Since 2009 by IEA
- German Investor Confidence Falls as Growth Prospects Weaken
AM EARNS:
- Citigroup (C) 8am, $1.12 - Preview
- Domino’s Pizza (DPZ) 7:30am, $0.61
- JB Hunt (JBHT), 8:30am, $0.84 (tentative)
- Johnson & Johnson (JNJ) 7:45am, $1.44 - Preview
- Wells Fargo (WFC) 8am, $1.02 - Preview
- Wolverine World Wide (WWW) 6:30am, $0.59
PM EARNS:
- Bank of the Ozarks (OZRK) 5pm, $0.39
- CSX (CSX) 4:01pm, $0.48
- Intel (INTC) 4:01pm, $0.65 - Preview
- Linear Technology (LLTC) 5:01pm, $0.59
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- WTI Extends Drop From 22-Month Low as Demand Slows; Brent Falls
- Oil Demand Growth This Year Seen Weakest Since 2009 (Correct)
- Giant Battery Unit Aims at Wind Storage Holy Grail: Commodities
- Rice Crop Seen Shrinking by FAO on Weather, End of Thai Subsidy
- Tin’s Price Tumble Seen Slashing Shipments From Indonesia by 30%
- Cocoa Rebounds After Drop Yesterday; Arabica Coffee Also Gains
- Gold Trades Near 4-Week High as Investors Weigh Oil to Economy
- Gold Rises Near 4-Week High as Investors Weigh Economy to Oil
- Copper Users in Europe Likely to Seek Lower Premiums: Macquarie
- Rubber Growers Agree to Avoid Selling at Low Prices: IRCo
- Indian Steel Demand Said to Expand at Slowest Pace in Decade
- Rubber Climbs Most Since May After Top Producers Price Pledge
- Thai Gold Exchange May Offer Kilobar Trade Next Year, Jitti Says
- Rebar Falls Most in 2 Weeks as Exports Surge Amid Overcapacity
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team