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TODAY’S S&P 500 SET-UP – October 24, 2014


As we look at today's setup for the S&P 500, the range is 128 points or 5.94% downside to 1835 and 0.62% upside to 1963.                                                  

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10A

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.87 from 1.89
  • VIX closed at 16.53 1 day percent change of -7.50%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: New Home Sales, Sept., est. 470k (prior 504k)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Senate, House out of session
    • 9:30am: House Oversight hearing led by Chairman Darrell Issa, R-Calif., on U.S. response to Ebola
    • 9:40am: EPA Administratior Gina McCarthy delivers keynote remarks on “The Future of Energy & Our Environment”
    • U.S. ELECTION WRAP: N.C. ‘Political Hate’; Outlook in Arkansas

WHAT TO WATCH:

  • New York Man Diagnosed With Ebola as Authorities Track Movements
  • Amazon Faces Season of Worsts as Losses Mount Before Holidays
  • Sony, Apple to Introduce Large Tablets in 1Q 2015: DigiTimes
  • Google Said to Buy Six Silicon Valley Buildings for $585m
  • Toyota Sells Tesla Shares as Joint Electric RAV4 Project Ending
  • Lockheed, Pentagon Reach $4b Deal on F-35 Jets: Reuters
  • AMC Networks Pays $200m for 49.9% BBC America Stake
  • Occidental CEO Sees Lower Drilling Fees If Oil Slump Continues
  • RealPage Approached by at Least 2 PE Groups, FT Says
  • Amtrak Weighs Selling Land for Development in 5 U.S. Cities
  • Goldman, Inner Circle Hired by NBA’s Atlanta Hawks to Sell Team
  • Regulators Ramp Up Bond Fund Exams in Response to Price Swings
  • Swiss Banks Urge U.S. to Amend Demands in Tax Amnesty Deals
  • ECB Vies for Third Time Lucky on Stress Tests as New Role Dawns
  • U.K. Economic Growth Slows as Headwinds to Recovery Increase
  • Actavis CEO Saunders Has $70b in Deals From Which to Choose
  • Billionaire Fredriksen to Make Mandatory Bid for Flex LNG
  • BASF Cuts 2015 Goals as Delayed European Growth Hurts Demand
  • Chiquita Brands holds special shareholder meeting
  • Fed, ECB Tests, U.S. GDP, Facebook: Week Ahead Oct. 25-Nov. 1

EARNINGS:

    • Aaron’s (AAN) 7am, $0.37
    • Avery Dennison (AVY) 8:30am, $0.74
    • Bristol-Myers Squibb (BMY) 7:30am, $0.42 - Preview
    • Cabot Oil & Gas (COG) 7:30am, $0.21 - Preview
    • Colgate-Palmolive (CL) 7am, $0.75 - Preview
    • Delphi Automotive (DLPH) 7am, $1.13
    • DTE Energy (DTE) 7:15am, $1.05
    • First Niagara Finl (FNFG) 7:15am, $0.18
    • FLIR Systems (FLIR) 7:30am, $0.35
    • Ford Motor (F) 7am, $0.19 - Preview
    • IDEXX Laboratories (IDXX) 7am, $0.86
    • ImmunoGen (IMGN) 6:30am, ($0.15)
    • Lear Corp (LEA) 7am, $1.88
    • LifePoint Hospitals (LPNT) 7am, $0.74
    • LyondellBasell (LYB) 6:50am, $2.30
    • Moody’s Corp (MCO) 7am, $0.90
    • NASDAQ OMX (NDAQ) 7am, $0.70
    • National Penn Bancshares (NPBC) 6:38am, $0.18
    • Omnicare (OCR) 7:30am, $0.92
    • Procter & Gamble (PG) 7am, $1.07 - Preview
    • State Street (STT) 7:12am, $1.21
    • TCF Financial (TCB) 8am, $0.30
    • United Parcel Service (UPS) 7:45am, $1.28 - Preview
    • Ventas (VTR) 7:15am, $0.45 - Preview
    • WABCO Holdings (WBC) 6:30am, $1.41
    • Wyndham Worldwide (WYN) 6:30am, $1.63

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Set for Fourth Weekly Drop as Saudi Policy Seen Unchanged
  • Iron Ore Glut Spurring Slump in China Output, Goldman Sachs Says
  • Gold Trades Near One-Week Low as Investors Assess U.S. Economy
  • Aluminum Leads Metals Declines as China House-Price Drop Widens
  • Glasenberg’s Iron Barbs Blunted by Coal Expansion: Commodities
  • Soybeans Rise on Signs of Increasing Demand for U.S. Exports
  • Romania’s Farmland Costing Fraction of U.K. Attracts Investments
  • Rebar Pares Weekly Loss on Bets Mills to Cut Output During APEC
  • Wheat Crop Seen Falling Short in Australia on Frost, Hail Damage
  • Weak El Nino Seen Evolving by Year-End as Sea Warmer Than Usual
  • Don’t Assume Saudi Supply Drop Was Move to Bolster Oil Price
  • Vale Coming of Age as a Nickel Heavyweight Just as Prices Plunge
  • Gold Traders Bullish a Fourth Week on Physical Demand to Economy
  • MORE: China’s Copper Output Climbs to Record High in September

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