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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 132 points or 6.60% downside to 1835 and 0.12% upside to 1967.                                                      

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: 1.88 from 1.88
  • VIX closed at 16.11 1 day percent change of -2.54%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: Markit US Services PMI, Oct. prelim, 57.8 (prior 58.9)
  • 10am: Pending Home Sales m/m, Sept., est. 1% (prior -1%)
  • 10:30am: Dallas Fed Mfg Activity, Oct., est. 11 (prior 10.8)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $30b 6M bills

GOVERNMENT:

    • U.S. authorities at airports in 6 states begin monitoring people coming from Liberia, Sierra Leone and Guinea for Ebola
    • President Obama hosts Advanced Manufacturing Partnership steering cmte meeting at White House

WHAT TO WATCH:

  • Williams Partners, Access Midstream Agree to Improved Terms
  • ECB Fails 25 Banks in Test as Capital Hole Lurks in Italy
  • Vodafone Starts Audit Into Possible Fraud at Ono Before Buy
  • Venezuela Scraps Plans to Sell Citgo Petroleum, Universal Says
  • Apple Pay Faces Challenge as CVS, Rite Aid Disable Payments
  • U.S. Gasoline Declines to Lowest Since 2010, Lundberg Says
  • Hedge Funds Pare Bullish Coffee Bets as Brazil Drought Eases
  • Keystone Foes Energized as Tumbling Crude Pinches Oil Sands
  • Horror Flick ‘Ouija’ Outdraws Assassin Movie Starring Reeves
  • Rousseff Ready for Great Changes After Tight Brazil Victory
  • CDC Moves Fast on NY Ebola as Soul-Searching Brings Changes
  • BARRON’S ROUNDUP: Charles Schwab, Amazon, Coca-Cola, Aflac

AM EARNS:

    • Allergan (AGN) 8am, $1.77 - Preview
    • Armstrong World (AWI) 7am, $0.77
    • Franklin Resources (BEN) 8:30am, $0.93
    • Huntsman (HUN) 6am, $0.53
    • Merck & Co (MRK) 7am, $0.88 - Preview
    • Old National Bancorp (ONB) 9am, $0.25
    • Precision Drilling (PD CN) 6am, C$0.17
    • Roper Industries (ROP) 7am, $1.53
    • Seagate Technology PLC (STX) 8am, $1.25 - Preview
    • Tenneco (TEN) 8am, $1.08

PM EARNS:

    • Allison Transmission (ALSN) 4:05pm, $0.30
    • American Capital Agency (AGNC) 4:01pm, $0.73
    • Amgen (AMGN) 4:02pm, $2.11 - Preview
    • Amkor Technology (AMKR) 4:08pm, $0.24
    • AvalonBay Communities (AVB) 4:05pm, $1.19
    • Cliffs Natural (CLF) 4:30pm, $0.01
    • Cognex (CGNX) 4:06pm, $0.56
    • Compass Minerals Intl (CMP) 4:15pm, $0.81
    • Crane (CR) 6:15pm, $1.17
    • General Growth Properties (GGP) 4:01pm, $0.09
    • Hartford Financial (HIG) 4:15pm, $0.83
    • HealthSouth (HLS) 4:30pm, $0.49
    • Integrated Device (IDTI) 4:05pm, $0.18
    • Manitowoc (MTW) 4:25pm, $0.41
    • Masco (MAS) 5pm, $0.32
    • Owens & Minor (OMI) 5:08pm, $0.47
    • PartnerRe (PRE) 4:15pm, $3.60
    • Plum Creek Timber (PCL) 4:04pm, $0.30
    • PMC-Sierra (PMCS) 4:05pm, $0.10
    • Regal Entertainment (RGC) 4:01pm, $0.15
    • T-Mobile (TMUS) 9pm, $0.05
    • Twitter (TWTR) 4:08pm, $0.01
    • Universal Health (UHS) 5:01pm, $1.34
    • XL Plc (XL) 4:05pm, $0.62

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Falls to Lowest Since March as Demand Concern Persists
  • Commodities Drop to Five-Year Low Led by Sugar, Coffee on Brazil
  • Hedge Funds Cut Coffee Bets as Brazil Drought Eases: Commodities
  • Brent Oil Falls Second Day as Goldman Cuts Forecasts; WTI Slips
  • Gold Trades Near 1-Week Low as Investors Weigh Stocks to Buying
  • Sugar Falls on Speculation of Weaker Brazil Real; Coffee Drops
  • Oil Speculators Bet Wrong as WTI Rebound Proves Fleeting: Energy
  • Corn Falls With Soybeans as Drier Weather Seen Aiding U.S. Crop
  • Rebar Extends Weekly Loss on Speculation of Slowing China Demand
  • Goldman Cuts Oil Forecasts as OPEC Loses Influence to U.S.
  • Trade Negotiators Say Balanced TPP Deal Is ‘Crystallizing’
  • BlueScope Sees China Steel Demand Growth in Decline, AFR Says
  • Thai Farmers Fret Over Survival as Sluices Shut: Southeast Asia
  • China Gold Imports Rise to Five-Month High Before Holiday Sales

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