THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – October 15, 2014


As we look at today's setup for the S&P 500, the range is 68 points or 0.94% downside to 1860 and 2.68% upside to 1928.                                                                   

                                                            

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: 1.82 from 1.83
  • VIX closed at 22.79 1 day percent change of -7.51%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Oct. 10 (prior 3.8%)
  • 8:30am: Empire Manufacturing, Oct., est. 20.25 (prior 27.54)
  • 8:30am: Retail Sales Advance m/m, Sept., est. -0.1% (pr 0.6%)
  • 8:30am: PPI Final Demand m/m, Sept., est. 0.1% (prior 0.0%)
  • 10am: Business Inventories, Aug., est. 0.4% (prior 0.4%)
  • 10:30am: DOE Energy Inventories
  • 11am: Treasury Budget Statement, Sept., est. +$90b (pr +$75.1b)
  • 11:30am: U.S. to sell $33b 4W bills, $25b 1Y bills
  • 2pm: Federal Reserve releases Beige Book
  • 2pm: ECB’s Draghi speaks in Frankfurt

 

GOVERNMENT:

    • Senate, House out of session
    • Sec. of State Kerry travels to Vienna for meeting with EU High Rep. Catherine Ashton, Iranian Foreign Minister Javad Zarif on nuclear negotiations
    • 8:30am: PepsiCo CEO Indra Nooyi announces nutrition project hosted by Inter-American Development Bank
    • 10am: Supreme Court hears arguments in patent case over generic competition to Teva’s multiple-sclerosis drug Copaxone
    • U.S. ELECTION WRAP: Colo. Races; HRC on Trail; Money Reports Due

 

WHAT TO WATCH:

  • AbbVie Weighing Shire Breakup Sends Inversion Target Shares Down
  • Toyota Recalls 1.75m Autos to Fix Brakes, Fuel Leaks
  • Qualcomm Agrees to Buy U.K. Chipmaker CSR for $2.5b
  • Carnival to Help Build China’s First Cruise Ship as Demand Rises
  • Second Health-Care Worker Tests Positive for Ebola in Texas
  • Lenovo ‘Confident’ of Closing Motorola Mobility Deal This Year
  • Obama Pushes Allies as Doubts Grow on Islamic State Strategy
  • U.K. Unemployment Falls More Than Forecast as Wages Improve
  • ASML Forecasts Quarterly Sales Beating Estimates on Memory Chips
  • BofA Said Hired by Buyout Firms to Sell Turkey Memorial Stake
  • Broker Lobby Group Sees Conflicts in Nasdaq SIP Upgrade Process
  • Trump Casino’s Fate, Union Fight to Be Decided by End of Week

 

AM EARNS:

    • Bank of America (BAC) 7am, $0.32 - Preview
    • BlackRock (BLK) 6:30am, $4.66
    • Charles Schwab (SCHW) 8:45am, $0.24
    • Commerce Bancshares (CBSH) 7am, $0.71
    • IGate (IGTE) 6:09am, $0.52
    • KeyCorp (KEY) 6:30am, $0.26
    • MGIC Investment (MTG) 7am, $0.11 - Preview
    • PNC Financial (PNC) 6:30am, $1.70
    • St Jude Medical (STJ) 7:30am, $0.96 - Preview

 

PM EARNS:

    • American Express (AXP) 4:05pm, $1.37
    • Boston Private Finl (BPFH) 4:05pm, $0.21
    • eBay (EBAY) 4:15pm, $0.67 - Preview
    • El Paso Pipeline (EPB) 4:07pm, $0.39
    • Kinder Morgan (KMI) 4:05pm, $0.32
    • Kinder Morgan Mgmt (KMR) Aft-Mkt, $0.56
    • Las Vegas Sands (LVS) 4:01pm, $0.82
    • Netflix (NFLX) 4:05pm, $0.91 - Preview
    • Platinum Underwriters (PTP) 4pm, $1.32
    • RLI (RLI) 4pm, $0.59
    • Umpqua (UMPQ) 4:05pm, $0.29
    • United Rentals (URI) 4:15pm, $2.08

 

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Extends Biggest Plunge Since ’11 on Glut; WTI Nears $80
  • OPEC Finding U.S. Shale Harder to Crack as Rout Deepens: Energy
  • Brent Slump Seen Stalling Near $80 as Bear-Market Oil Oversold
  • Gold Imports by India Seen Rising More Than Fourfold Last Month
  • Bugs Join Robots to Overcome Global Copper Shortage: Commodities
  • Bloomberg Commodities Index Falls to Lowest Since July 2009
  • Palm Imports by India Surge for Third Month on Tax-Free Sales
  • Australia, Brazil Seen Taking 90% of Worldwide Iron Ore Trade
  • Copper Falls From Three-Week High on Chinese Inflation Figures
  • Palm Tumbles to Three-Week Low as Crude Oil Slump Reduces Demand
  • Gold Drops a Second Day on Dollar to Lower Demand After Advance
  • Corn Drops From Five-Week High as Drier Weather May Help Harvest
  • Palm Declines to Two-Week Low as Crude Oil Slump Reduces Demand
  • Rio Says Don’t Panic on Iron Ore And Won’t Halt Returns
  • Rubber Drops From Two-Week High as China Data Signal Weak Demand

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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