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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team