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TODAY’S S&P 500 SET-UP – October 17, 2014


As we look at today's setup for the S&P 500, the range is 58 points or 1.70% downside to 1831 and 1.41% 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: 1.83 from 1.81
  • VIX  closed at 25.2 1 day percent change of -4.00%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Fed Chairman Janet Yellen speaks at Boston Fed conf. on Inequality of Economic Opportunity in U.S.
  • 8:30am: Housing Starts, Sept., est. 1.008m (prior 956k)
  • 9:55am: UofMich Confidence, Oct. prelim, est. 84 (prior 84.6)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Senate, House out of session
    • Gov. Scott Walker, R-Wis., Democrat challenger Mary Burke debate in Milwaukee
    • 9am: HUD Secretary Julian Castro speaks in plenary session at National Assn of Housing and Redevelopment Officials conf.; Baltimore Convention Center
    • 9:30am: Sec. of State John Kerry meets with Jordanian Foreign Minister Nasser Judeh at State Dept
    • U.S. ELECTION WRAP: Megadonors; Good Signs for GOP; Debates

WHAT TO WATCH:

  • Google Profit Misses Estimates on Slower Advertising Growth
  • Credit Suisse Names Amine, O’Hara as Investment Bank Heads
  • Obama Says He’s Open to an Ebola Czar to Coordinate Response
  • Chiquita to Move on Fyffes Bid After Rejecting Sweetened Buyout
  • AMD to Cut 7% of Jobs, 4Q Rev. View Trails Est.
  • Apple Looks for Big Screen Boost as IPhone 6 Plus Hits China
  • Delta Brings Back Bare-Bones Fares to Compete With Cheap Rivals
  • Bullard Challenges Fed Colleagues to Thwart Weakening Inflation
  • U.S. Video-Game Sales Climbed 2% to $1.1b in September
  • Smaller China GDP Goal Seen Giving Room to Tackle Debt
  • Alibaba Adds Philips, Provincial Governments as Cloud Customers
  • Hong Kong Police Clear Mong Kok as Students Agree to Negotiate
  • U.S. Housing Data, U.K., China GDP, Apple, Amazon: Week Ahead

EARNINGS:

    • Bank of New York Mellon (BK) 6:30am, $0.61
    • Comerica (CMA) 6:40am, $0.79
    • First Horizon Natl (FHN) 7am, $0.17
    • General Electric (GE) 6:30am, $0.37 - Preview
    • Honeywell Intl (HON) 7am, $1.41 - Preview
    • Huntington Bancshares (HBAN) 5:55am, $0.19
    • Kansas City Southern (KSU) 8am, $1.26
    • M&T Bank (MTB) 8:01am, $1.97
    • Morgan Stanley (MS) 7:15am, $0.54 - Preview
    • SunTrust Banks (STI) 6am, $0.79
    • Synchrony Financial (SYF) Bef-mkt, $0.66
    • Textron (TXT) 6am, $0.52

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Goldman Sees No Crude Glut as Price Slump Deemed Excessive
  • Codelco Seen Cutting China Copper Premium From Nine-Year High
  • Brazil’s China Fever Sticks Soy Farmers With Losses: Commodities
  • WTI Extends Rebound From Below $80 as Goldman Sees No Oil Glut
  • Gold Is Near Five-Week High as Investors Weigh Stocks to Economy
  • Nickel to Tin Rebound Amid Indications Prices Dropped Too Far
  • Corn Heads for Biggest Weekly Gain in 17 Months on Harvest Delay
  • Rubber Jumps Most Since March as Thailand to Buy for Reserve
  • Cocoa Rises in London on Concern of Ebola Spread; Coffee Drops
  • Cargill’s Black Sea Stop Is Booming 2,600-Year-Old Port: Freight
  • One Firm’s $2 Mine Is Another’s Start of Global Coal Empire
  • Hurricane Gonzalo Threatens Worst Bermuda Storm in 11 Years
  • Gold Traders Most Bullish in 10 Weeks on Economic Growth Concern
  • Steel Rebar Pares Weekly Advance on Weaker China Demand Concern

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