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TODAY’S S&P 500 SET-UP – October 21, 2014


As we look at today's setup for the S&P 500, the range is 105 points or 3.89% downside to 1830 and 1.63% upside to 1935.                                                             

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: 1.85 from 1.84
  • VIX closed at 18.57 1 day percent change of -15.55%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Redbook weekly sales
  • 10am: Existing Home Sales, Sept., est. 5.10m (prior 5.05m)
  • 11:30am: U.S. to auction 4W bills
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Senate, House out of session
    • Sec. of State John Kerry travels to Berlin
    • 10:30am: American Petroleum Institute media briefing
    • 11am: Foreign Policy Initiative briefing call on Ebola policy
    • 11:30am: Michael Lewis speaks at Mortgage Bankers Assn
    • 12pm: Gov. Chris Christie, R-N.J., speaks at U.S. Chamber of Commerce’s Legal Reform Summit
    • 12:15pm: SEC examinations dir. Drew Bowden luncheon interview at Natl Society of Compliance Professionals conf.
    • U.S. ELECTION WRAP: Comparing Sen. Models; Fundraising Reports

WHAT TO WATCH:

  • Total CEO De Margerie Dies in Moscow Plane Crash
  • Actavis Said to Bid for Omega Pharma Joining Sanofi, Perrigo
  • AbbVie Scraps $52 Billion Shire Deal on U.S. Tax Changes
  • Paulson Said to Urge Shire-Allergan Merger as AbbVie Talks End
  • Apple’s Forecast for Holiday Quarter Tops Analyst Estimates
  • Texas Instruments Quarterly Profit Outlook Exceeds Estimates
  • Staples Says It’s Probing Potential Customer Credit-Card Breach
  • Yahoo Said to Be in Talks to Buy BrightRoll: TechCrunch
  • Tudor’s Jones Said to See U.S. Stocks Beating Globe Rest of Year
  • China’s GDP Growth Bolsters Case for Stimulus Restraint
  • Guardrail Maker’s Faulty Secret Changes Cheated U.S. Government
  • Pimco’s Former Parent Pacific Life Switching Accounts to Janus
  • FBI Warns of Hacks by Moonlighting Foreign Government Agents
  • Dudley Warns Banks to Fix Culture or Be ‘Dramatically Downsized’

AM EARNS:

    • Allegheny Technologies (ATI) 7:30am, ($0.06)
    • AO Smith (AOS) 7am, $0.57
    • Apollo Education (APOL) 7:30am, $0.27
    • Brinker Intl (EAT) 7:45am, $0.50
    • Canadian Pacific Railway (CP CN) 7:30am, C$2.36 - Preview
    • Carlisle Cos. (CSL) 6am, $1.22
    • Coca-Cola (KO) 7:30am, $0.53 - Preview
    • Graphic Packaging (GPK) 7:30am, $0.20
    • Harley-Davidson (HOG) 7am, $0.59
    • Illinois Tool Works (ITW) 8am, $1.23
    • Kimberly-Clark (KMB) 7:30am, $1.54
    • Lexmark Intl (LXK) 6:30am, $0.91
    • Lockheed Martin (LMT) 7:25am, $2.72 - Preview
    • Manpowergroup (MAN) 7:30am, $1.50
    • McDonald’s (MCD) 7:58am, $1.37 - Preview
    • Omnicom Group (OMC) 7am, $0.90
    • Pentair (PNR) 7am, $0.94
    • Regions Financial (RF) 6am, $0.21
    • Reynolds American (RAI) 6:58am, $0.91 - Preview
    • Synovus Financial (SNV) 7:47am, $0.37
    • Travelers (TRV) 6:57am, $2.26
    • United Technologies (UTX) 6:59am, $1.81 - Preview
    • Verizon Communications (VZ) 7:30am, $0.90 - Preview
    • Waters (WAT) 7am, $1.29

PM EARNS:

    • ACE (ACE) 4:05pm, $2.33
    • Broadcom (BRCM) 4:05pm, $0.84
    • Canadian Natl Railway (CNR CN) 4:01pm, C$1.05 - Preview
    • Celestica (CLS CN) 4pm, $0.24
    • Cree (CREE) 4:01pm, $0.34
    • Cubist Pharmaceuticals (CBST) 4pm, $0.08 - Preview
    • Discover Finl Services (DFS) 4:05pm, $1.34
    • E*TRADE Financial (ETFC) 4:05pm, $0.22
    • FMC Technologies (FTI) 4:01pm, $0.74
    • Fulton Financial (FULT) 4:30pm, $0.20
    • Interactive Brokers (IBKR) 4:01pm, $0.03
    • Intuitive Surgical (ISRG) 4:05pm, $3.81 - Preview
    • Nabors Industries (NBR) 5:30pm, $0.36
    • Pinnacle Finl (PNFP) 5:15pm, $0.50
    • Robert Half Intl (RHI) 4:02pm, $0.58
    • Sonic (SONC) 4:01pm, $0.34
    • VMware (VMW) 4:01pm, $0.83
    • Waste Connections (WCN) 4:05pm, $0.55
    • Yahoo! (YHOO) 4:05pm, $0.30 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Codelco Puts Faith in China to Resolve Metal Collateral Case
  • Gold Buying Rebounds in India as Diwali Sales Shine: Commodities
  • Oil’s Plunge Snares Nigeria Seeking to Defend Naira: Currencies
  • Palm Oil Reserves in Indonesia Seen Shrinking Most in 19 Months
  • Aluminum Rebounds as Copper Extends Gains in London Trading
  • Brent Crude Rises as China’s Growth Exceeds Estimates; WTI Gains
  • China’s ‘Aggressive’ Electric Car Ambitions to Boost Aluminum
  • Soybeans Rise From 1-Week Low as Investors Assess Harvest Pace
  • Rebar Drops to One-Week Low on China Economic Growth Concerns
  • WTI Crude Seen Supported Near $75 a Barrel on Drop Below $80
  • Arabica Extends Biggest Slump in Five Weeks as Sugar Declines
  • Palm Growers Raised by Hong Leong to Neutral as Worst Seen Over
  • Codelco Not Affected by China’s Metal Collateral Case (Video)
  • Codelco to Sell $8 Billion Bonds for Record Copper Mine Spending

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