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TODAY’S S&P 500 SET-UP – October 22, 2014


As we look at today's setup for the S&P 500, the range is 117 points or 5.73% downside to 1830 and 0.29% upside to 1947.                                              

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 1.86
  • VIX closed at 16.08 1 day percent change of -13.41%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Oct. 17 (prior 5.6%)
  • 8:30am: CPI m/m, Sept., est. 0.0% (prior -0.2%)
  • 10:30am: DOE Energy Inventories
  • 5pm: Reserve Bank of Australia’s Stevens speaks in Sydney

GOVERNMENT:

    • Sec. of State John Kerry visits Berlin
    • Senate, House out of session
    • 10am: SEC holds open meeting on rules relating to credit risk retention by securitizers of asset-backed securities
    • 3:30pm: Fed board holds open meeting to discuss final rulemaking requiring sponsors of securitization transactions to retain risk in those transactions
    • U.S. ELECTION WRAP: Paul’s Prediction; Terror Ads; PAC Showdown

WHAT TO WATCH:

  • Yahoo Pushes Back Against Activist Starboard as Sales Gain
  • Daimler Sells Stake in Tesla as Powertrain Supply Deal Continues
  • Dimon Says ‘Terrifying’ Cancer Hasn’t Changed His JPMorgan Plans
  • J&J Sees 250,000 Ebola Vaccine Doses Ready for Trials in May
  • Target CEO Eyes Holiday Turnaround With Free Shipping, Faux Fur
  • Icahn Says EBay Should Pursue PayPal Sale Now in Spin Dual Track
  • GT Advanced Allowed to Wind Down After Deal With Apple
  • Apollo to Raise $2b-$3b From New Natural Resources Fund: Reuters
  • Michigan Governor Signs Bill Securing Tesla Direct Sales Ban
  • BOE Split on Key Rate as Majority Sees Heightened Euro-Area Risk
  • Total CEO Will Contend With Production Slump as Pouyanne Tipped
  • Heineken Revenue Misses Analyst Estimates as Europe Wanes

AM EARNS:

    • Abbott Labs (ABT) 7:44am, $0.60 - Preview
    • Amphenol (APH) 8am, $0.57
    • Biogen Idec (BIIB) 6:45am, $3.49 - Preview
    • Boeing (BA) 7:30am, $1.97 - Preview
    • Boston Scientific (BSX) 7am, $0.20 - Preview
    • Dow Chemical (DOW) 7am, $0.67 - Preview
    • EMC (EMC) 6:53am, $0.46 - Preview
    • FNB (FNB) 8:30am, $0.21
    • General Dynamics (GD) 7am, $1.91 - Preview
    • Gentex (GNTX) 8am, $0.47
    • Hudson City Bancorp (HCBK) 8am, $0.06
    • Ingersoll-Rand (IR) 7am, $1.03
    • Interpublic Group (IPG) 7am, $0.21
    • Lumber Liquidators (LL) 7am, $0.67
    • New York Community Bancorp (NYCB) 7am, $0.26
    • Norfolk Southern (NSC) 8am, $1.83 - Preview
    • Northern Trust (NTRS) 7:30am, $0.87
    • Northrop Grumman (NOC) 7am, $2.13 - Preview
    • Owens Corning (OC) 7:28am, $0.48
    • Polaris (PII) 6am, $2.02
    • Popular (BPOP) 8am, $0.67
    • Ryder System (R) 7:55am, $1.63
    • SEI Investments (SEIC) 8:30am, $0.47
    • Simon Property (SPG) 7am, $0.84 - Preview
    • Stanley Black & Decker (SWK) 6am, $1.44
    • Thermo Fisher Scientific (TMO) 6am, $1.69 - Preview
    • Tupperware Brands (TUP) 7am, $0.91
    • UniFirst (UNF) 8am, $1.31
    • US Bancorp (USB) 7:15am, $0.78
    • Xerox (XRX) 7am, $0.26

PM EARNS:

    • A Schulman (SHLM) 4:10pm, $0.64
    • Albemarle (ALB) 4:03pm, $1.02
    • Angie’s List (ANGI) 4:02pm, ($0.07)
    • AT&T (T) 4:01pm, $0.64 - Preview
    • Brandywine Realty (BDN) 4:15pm, $0.02
    • CA (CA) 4:05pm, $0.62
    • Cheesecake Factory (CAKE) 4:15pm, $0.57
    • Citrix Systems (CTXS) 4:05pm, $0.73
    • Core Laboratories (CLB) 4:06pm, $1.52
    • CoreLogic (CLGX) 4:10pm, $0.39
    • Covanta Holding (CVA) 4:01pm, $0.21
    • CR Bard (BCR) 4:05pm, $2.10
    • Equifax (EFX) 4:15pm, $0.98
    • Everest Re (RE) 4:05pm, $4.99
    • Fortinet (FTNT) 4:15pm, $0.11
    • Graco (GGG) 4:15pm, $0.95
    • Lam Research (LRCX) 4:05pm, $0.93
    • Leggett & Platt (LEG) 4:05pm, $0.49
    • NXP Semiconductor (NXPI) 8pm, $1.31
    • O’Reilly Automotive (ORLY) 6:30pm, $1.95
    • Plexus (PLXS) 4pm, $0.78
    • Polycom (PLCM) 4:05pm, $0.20
    • Select Comfort (SCSS) 4:01pm, $0.40
    • ServiceNow (NOW) 4:05pm, $0.01
    • SLM (SLM) 5:15pm, $0.17
    • Susquehanna (SUSQ) 4:30pm, $0.20
    • Teradyne (TER) 5:01pm, $0.40
    • Torchmark (TMK) 4:01pm, $1.02
    • Tractor Supply (TSCO) 4:01pm, $0.50
    • Varian Medical (VAR) 4:05pm, $1.21
    • Weatherford (WFT) Aft-mkt, $0.33
    • Yelp (YELP) 4:05pm, $0.03

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Retreats From Six-Week High on Demand Outlook to Dollar
  • Tin’s New Frontier Myanmar Threatens Indonesia: Southeast Asia
  • Zinc Rises as Inventories at Two-Month Low Support Shortage Call
  • India Eschewing Raw Sugar Output After Export Aid Withdrawn
  • WTI Oil Climbs as U.S. Fuel Supply Seen Lower; Brent Advances
  • China Sept. Nickel Ore Imports From Philippines 4.52 Mln Tons
  • Steel Rebar Falls to 2-Week Low as China Supply Exceeds Demand
  • European Gas Traders Boost Near-Term Buying to Cut Russian Need
  • UD Group Plans to Apply for Membership on London Metal Exchange
  • Cocoa Arrivals in Brazil’s Bahia Advance 3.5%, Hartmann Reports
  • Rubber Rises to 6-Week High as Thai Efforts Offset China Concern
  • Zinc Rises From 3-Month Low Before China PMI Data: LME Preview
  • Truffle Boom Brings La Dolce Vita Amid Italy’s Economic Slump
  • Nickel Surplus Was 4.7Kt in August in Second Month of Oversupply

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