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TODAY’S S&P 500 SET-UP – October 20, 2014


As we look at today's setup for the S&P 500, the range is 70 points or 3.01% downside to 1830 and 0.70% upside to 1900.                                             

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 1.82
  • VIX closed at 21.99 1 day percent change of -12.74%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Fed Governor Jerome Powell speaks on community banking in online forum
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $30b 6M bills

GOVERNMENT:

    • Senate, House out of session
    • FEC filing deadline for candidates, some Pacs, parties for Sept
    • 8am: NY Fed meeting on reforming culture, behavior in financial services; speakers include Sir David Walker at Barclays, UBS’s Axel Weber, JPMorgan’s Lee Raymond, Fed’s Daniel Tarullo, Morgan Stanley’s James Gorman
    • 1pm: Financial Services Roundtable, FBI, Secret Service conf. on cybersecurity
    • 2pm: FHFA Director Melvin Watt, HUD Secretary Julian Castro speak at Mortgage Bankers Assn conf.
    • 4:30pm: Freddie CEO Donald Layton, Fannie CEO Timothy Mayopoulos speak

WHAT TO WATCH:

  • IBM Agrees to Pay Globalfoundries $1.5 Billion to Take Chip Unit
  • Investors Plan $2.2b Bid for Adidas’s Reebok, WSJ Reports
  • Yahoo’s Mayer Faces Crucial Earnings Call Amid Investor Pressure
  • CEO Mayer Said to Refresh Turnaround Plan; Seek M&A: WSJ
  • Texas Ebola Cases Had Possible Contact With 300 People in U.S.
  • Spain Ebola Patient May Be Free of Virus After Negative Test
  • Cleco: Investor Group to Buy Cleco for $55.37/Shr in Cash
  • Fed to End Bond Buys This Month as Planned, Rosengren Says: WSJ
  • Obama May Seek an Iran Nuclear Deal Without Congress: NYT
  • Tesoro Acquires QEP Pipeline Assets in $2.5b Deal
  • McDonald’s Says Russia Inspecting More Than 200 Restaurants
  • Boeing Seeks Revised Schedule for $51b U.S. Aerial Tanker
  • Nutreco Agrees to Be Bought by SHV for About $3.4b
  • Sprint Job Reductions Will Include 452 at Kansas Headquarters
  • Marc Andreessen Resigns From EBay Board as PayPal Is Spun Off
  • Banks’ Range of Libor Calculation Methods May Be Standardized
  • Danone Hasn’t Yet Decided on Priorities for External Growth

AM EARNS:

    • Gannett (GCI) 8:30am, $0.55
    • Genuine Parts (GPC) 8:52am, $1.24
    • Halliburton (HAL) 7am, $1.10 - Preview
    • Hasbro (HAS) 6:30am, $1.45 - Preview
    • IBM (IBM) 7am, $4.32
    • Lennox Intl (LII) 8am, $1.41
    • Peabody Energy (BTU) 8am, $(0.66) - Preview
    • Valeant Pharma (VRX CN) 6am, $1.99 - Preview
    • VF Corp (VFC) 7am, $1.10 - Preview

PM EARNS:

    • Apple (AAPL) 4:30pm, $1.30 - Preview
    • BancorpSouth (BXS) 6:43pm, $0.33
    • Brookfield Canada (BOX-U CN) Aft-Mkt, C$0.41
    • Cadence Design Systems (CDNS) 4:05pm, $0.24
    • Celanese (CE) 5pm, $1.44
    • Chipotle Mexican Grill (CMG) 4:02pm, $3.83
    • CYS Investments (CYS) 4:05pm, $0.32
    • East West Bancorp (EWBC) 5:16pm, $0.60
    • Helix Energy Solutions (HLX) 5:30pm, $0.50
    • Hexcel (HXL) 4:05pm, $0.54
    • IDEX (IEX) 4:05pm, $0.84
    • Illumina (ILMN) 4:05pm, $0.56
    • Packaging Corp of America (PKG) 5pm, $1.26
    • Rambus (RMBS) 4:05pm, $0.13
    • Rent-A-Center (RCII) 4:25pm, $0.47
    • Steel Dynamics (STLD) 6pm, $0.44
    • Texas Instruments (TXN) 4:30pm, $0.71
    • Zions Bancorp (ZION) 4:10pm, $0.44

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Advances in New York on Dollar Weakness to Falling Stocks
  • Brent Crude Oil Trades Near Level Seen as OPEC Test; WTI Steady
  • Gold Bulls Lured Back for First Time in Two Months: Commodities
  • Copper Declines With Other Industrial Metals on China’s Slowdown
  • Hedge Funds Cut Bullish Bets on Crude as Prices Tumble: Energy
  • Sumitomo’s $1.55 Billion Loss Shows Shale Isn’t Booming for All
  • Citrine’s Hommert Sees ‘Good Upside’ for Nickel Next Year
  • Sugar Millers See Thai Cane Output Dropping Below 100 Mln Tons
  • Rubber Reaches 1-Month High as Malaysia Sees 10% Drop in Output
  • Fire Shuts U.K.’s Didcot B Power Station; No Risk Seen to Supply
  • Iron Ore Risks Extending Collapse as Supply Jumps, Moody’s Says
  • Modi Uses Oil Slump to Ease Curbs Deterring Exxon, Chevron
  • Deeper Oil Slump Seen as ‘Disaster’ Risk for Australian LNG
  • Goldman Sees Copper Underperforming Most Base Metals in 2015

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