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TODAY’S S&P 500 SET-UP – October 16, 2014


As we look at today's setup for the S&P 500, the range is 56 points or 1.58% downside to 1833 and 1.42% upside to 1889.                                                   

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: 1.73 from 1.83
  • VIX closed at 26.25 1 day percent change of 15.18%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8am: Fed’s Plosser speaks in Allentown, Pa.
  • 8:30am: Initial Jobless Claims, Oct. 11, est. 290k (pr 287k)
  • Continuing Claims, Oct. 4, est. 2.380m (prior 2.381m)
  • 9am: Fed’s Lockhart speaks in New Brunswick, N.J.
  • 9:15am: Ind. Production, m/m, Sept., est. 0.4% (prior -0.1%)
  • 9:45am: Bloomberg Consumer Comfort, Oct. 12 (prior 36.8)
  • 10am: Philly Fed Business Outlook, Oct., est. 19.8 (pr 22.5)
  • 10am: NAHB Housing Market Index, Oct., est. 59 (prior 59)
  • 10am: Fed’s Kocherlakota speaks in Billings, Mont.
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: U.S. to announce plans for auction of 3M/6M bills, 30Y TIPS
  • 12:45pm: Fed’s Bullard speaks in Washington
  • 12:45pm: Fed’s Yellen attends event in Chelsea, Mass.
  • 4pm: Net Long-term TIC Flows, Aug. (prior -$18.6b)

GOVERNMENT:

    • Senate, House out of session
    • Obama Says Response Team to Be Dispatched for Any Ebola Case, cancels trip to R.I., N.Y.
    • Sec. of State Kerry delivers remarks at reception in honor of Eid, then working dinner w/ Foreign Affairs Policy Board
    • 10am CFTC Chairman Massad to Keynote Managed Funds Assn’s Outlook 2014 Conference in N.Y.
    • 12pm: House Energy and Commerce Oversight and Investigations Subcmte hearing on Ebola; CDC’s Frieden, National Institute of Allergy and Infectious Disease at NIH’s Fauci to testify
    • 12:30 p.m.: Michael Huerta, FAA administrator, speaks to Aero Club ofWashington
    • U.S. ELECTION WRAP: Guns & Democrats; $1b Ads; Grimes Takes Hit

WHAT TO WATCH:

  • Some in Ebola Trials Wouldn’t Get Tested Drugs Under U.S. Plan
  • New Ebola Patient’s Trip Raises Concern on U.S. Spread of Virus
  • U.S. House of Representatives panel holds hearing on Ebola
  • Obama Says Response Team to Be Dispatched for Any Ebola Case, cancels trip to R.I., N.Y.
  • Apple Event: IPad, Mac Updates, Potentially Larger IPad
  • AbbVie Board Recommends Shareholders Vote Against Shire Deal
  • Dark Pools Said to Direct Orders Elsewhere as U.S. Volume Surged
  • Netflix Skids on User Slowdown as HBO Plots Web Competition
  • EBay Holiday Sales Forecast Misses Estimates After Data Breach
  • AmEx Profit Tops Analysts Estimates as Card Spending Climbs
  • Las Vegas Sands Profit Tops Estimates on Mass Market Revenue
  • Tesla Facing Possible Ban on Direct Automobile Sales in Michigan
  • IPO Outlook Dims as Zoosk, GoDaddy Said to Mull Punting to 2015
  • Dow Says World Carbon Market Needs Less Intervention to Succeed
  • Citigroup’s Mexico Unit Fined $2.2m Over Loan Controls
  • Oracle Sued Over Antitrust Claims Echoing Apple-Google Suit
  • Apple Told to List Items to Keep Secret in GT Advanced Case
  • Banker Pay Clampdown in Europe Puts Firms at Risk in Talent Race

AM EARNS:

    • Alliance Data Systems (ADS) 7:30am, $3.31
    • Baker Hughes (BHI) 6am, $1.13 - Preview
    • Baxter Intl (BAX) 7am, $1.31 - Preview
    • BB&T (BBT) 5:45am, $0.72
    • Blackstone (BX) 7am, $0.71
    • ClubCorp (MYCC) 7am, $0.10
    • Cypress Semiconductor (CY) 8am, $0.16
    • Danaher (DHR) 6am, $0.89
    • Delta Air Lines (DAL) 7:30am, $1.18
    • Dover (DOV) 7am, $1.31
    • Fairchild Semiconductor (FCS) 7:30am, $0.21
    • Fifth Third Bancorp (FITB) 6:30am, $0.43
    • First Republic (FRC) 7am, $0.86
    • Goldman Sachs (GS) 7:35am, $3.21 -Preview
    • Marriott Vacations (VAC) 8am, $0.80
    • Mattel (MAT) 6am, $1.02 - Preview
    • Orbital Sciences (ORB) 6am, $0.28
    • Philip Morris Intl (PM) 6:59am, $1.33 - Preview
    • PPG Industries (PPG) 8:11am, $2.76
    • Snap-On (SNA) 7am, $1.62
    • Sonoco Products (SON) 7:30am, $0.68
    • Supervalu (SVU) 8am, $0.11
    • UnitedHealth (UNH) 6am, $1.53 - Preview
    • Webster Financial (WBS) 7:55am, $0.52
    • Winnebago (WGO) 7am, $0.46
    • WW Grainger (GWW) 7:30am, $3.29 -Preview

PM EARNS:

  • Advanced Micro Devices (AMD) 4:15pm, $0.04 - Preview
  • Athenahealth (ATHN) 4:01pm, $0.27
  • Capital One Financial (COF) 4:05pm, $1.94
  • Cepheid (CPHD) 4:05pm, ($0.16)
  • Crown Holdings (CCK) 5:03pm, $1.21
  • Cytec Industries (CYT) Aft-mkt, N/A
  • Google (GOOGL) 4:02pm, $6.53
  • People’s United Finl (PBCT) 4:03pm, $0.21
  • QLogic (QLGC) 4:15pm, $0.22
  • SanDisk (SNDK) 4:05pm, $1.33
  • Schlumberger (SLB) 4:05pm, $1.47 - Preview
  • Stryker (SYK) 4pm, $1.14 - Preview
  • Wintrust Financial (WTFC) 5:01pm, $0.78
  • Xilinx (XLNX) 4:20pm, $0.56

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • LME to Run London Platinum to Palladium Fixings Replacement
  • Copper Demand Seen by CRU Slowing as China’s Imports Set to Drop
  • Trading Metals for Music Shows Shrinking Job Market: Commodities
  • WTI Crude Oil Falls Below $80 for First Time Since June 2012
  • Lead to Tin Fall to Lowest in More Than a Year on Demand Concern
  • Gold Falls From 5-Week High as Sales Seen to Cover Other Losses
  • Corn Slides as Drier U.S. Weather Puts Focus Back on Record Crop
  • Coffee Harvest in Indonesia Seen Heading for Record on Rainfall
  • End to Oil Rout Seen by BofA as $80-a-Barrel Gains Support
  • Citigroup Sees $1.1 Trillion Stimulus From Oil Bear Market Rout
  • Palm Declines to Three-Week Low as Biofuel Demand Eases on Crude
  • Oil Bear Market Shows Saudis Still Pick Winners in Shakeout
  • More Iron Ore Supply Coming in Wake of 37% Price Plunge
  • Dow Says World Carbon Market Needs Less Intervention to Work

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