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TODAY’S S&P 500 SET-UP – October 28, 2014


As we look at today's setup for the S&P 500, the range is 140 points or 6.15% downside to 1841 and 0.99% upside to 1981.                               

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: 1.89 from 1.88
  • VIX closed at 16.04 1 day percent change of -0.43%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • FOMC starts 2-day meeting
  • 7:45am: ICSC weekly sales
  • 8:30am: Durable Goods, Sept, est 0.5% (pr -18.2%, rev -18.4%)
  • 8:55am: Redbook weekly sales
  • 9am: S&P/Case-Shiller 20 City m/m, Aug., est. 0.18% (pr -0.5%)
  • 10am: Consumer Confidence Index, Oct., est. 87 (prior 86)
  • 10am: Richmond Fed Mfg Index, Oct., est. 11 (prior 14)
  • 11:30am: U.S. to sell 4W bills
  • 1pm: U.S. to sell $29b 2Y note
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 8:30am-4pm: U.S. Chamber of Commerce hosts cybersecurity summit
    • 9am: Interior’s Jewell delivers keynote remarks at National Congress of American Indians Annual Convention; Atlanta
    • 9:30am: U.S. Chamber of Commerce releases report on risk-based pricing in consumer lending
    • U.S. ELECTION WRAP: Runoff Scenarios and Senate Control; Polls

WHAT TO WATCH:

  • Ackman’s $5.3 Billion Allergan Bet Examined Before Ouster Vote
  • Apple’s Cook, Alibaba’s Ma Talk Marriage of Mobile Payments
  • Alibaba’s Ma Targets Hollywood Studio Partners in Content Push
  • T-Mobile Raises 2014 Subscriber Forecast After Beating Ests.
  • Regal Entertainment Exploring Alternatives; 3Q Adj. EPS Beats
  • GM to Build Volt Electric Drive, Invest $300m in Michigan
  • Twitter CEO Says Adding Users Top Priority as Growth Slows
  • Sanofi SlumPS on Forecast for Flat Diabetes Sales Next Year
  • Madison Square Garden Mulls Plan to Split Into 2 Companies
  • Money Mkts Split With Economists on Fed Interest-Rate Outlook
  • Largest U.S. Banks See Worst Outflow of Money in ETF Since 2009
  • Detroit to Learn Fate of $7 Billion Debt-Cutting Plan Nov. 7
  • CDC Toughens Monitoring Guidelines for People With Ebola Risk

AM EARNS:

    • Aetna (AET) 6am, $1.58
    • Agco (AGCO) 8am, $0.63
    • Alere (ALR) 7:30am, $0.52
    • Ametek (AME) 7am, $0.61
    • Arch Coal (ACI) 7:45am, ($0.41) - Preview
    • AutoNation (AN) 7:30am, $0.86
    • Centene (CNC) 6am, $0.99
    • CIT (CIT) 6:30am, $0.89
    • Coach (COH) 7am, $0.45 - Preview
    • Consol Energy (CNX) 6:45am, $0.18 - Preview
    • Corning (GLW) 7:15am, $0.38
    • Cummins (CMI) 7:30am, $2.28 - Preview
    • Ecolab (ECL) 8:05am, $1.20
    • EI du Pont de Nemours (DD) 6am, $0.53 - Preview
    • FirstMerit (FMER) 7:30am, $0.37
    • Freeport-McMoRan (FCX) 8am, $0.61 - Preview
    • Harris (HRS) 6:30am, $1.09
    • HCA (HCA) 8:30am, $1.17
    • Laboratory of America (LH) 6:41am, $1.75
    • Marsh & McLennan (MMC) 7am, $0.53
    • Martin Marietta (MLM) 8:20am, $1.70
    • MeadWestvaco (MWV) 7:25am, $0.54
    • MSC Industrial Direct (MSM) 7:30am, $1.01
    • Noble Energy (NBL) 7:27am, $0.36 - Preview
    • Paccar (PCAR) 8am, $0.96 - Preview
    • Parker-Hannifin (PH) 7:30am, $1.67 - Preview
    • Pfizer (PFE) 7am, $0.55 - Preview
    • PG&E (PCG) 9:02am, $1.14
    • Schnitzer Steel (SCHN) 8am, $0.31
    • Sensata Technologies (ST) 6am, $0.62
    • Sherwin-Williams (SHW) 7am, $3.22
    • Sirius XM (SIRI) 7:01am, $0.02 - Preview
    • Spirit Airlines (SAVE) 6am, $0.97
    • Starwood Hotels (HOT) 6am, $0.65
    • Synergy Resources (SYRG) 6am, $0.13
    • TD Ameritrade (AMTD) 7:30am, $0.36
    • Timken (TKR) 7:25am, $0.66
    • TRW Automotive (TRW) 7am, $1.69
    • United Therapeutics (UTHR) 6am, $1.79
    • Vishay Intertechnology (VSH) 7:30am, $0.28
    • Wabtec (WAB) 7:56am, $0.89
    • Waddell & Reed Finl (WDR) 6:59am, $0.92
    • Whirlpool (WHR) 6am, $3.13
    • Xylem (XYL) 7am, $0.52 - Preview

PM EARNS:

    • Aflac (AFL) 4:06pm, $1.43
    • AGL Resources (GAS) 5:30pm, $0.30
    • American Financial (AFG) 5pm, $1.14
    • Ameriprise Financial (AMP) 4:07pm, $1.96
    • Anadarko Petroleum (APC) 4:05pm, $1.27
    • Arthur J Gallagher (AJG) 4:13pm, $0.68
    • Aspen Technology (AZPN) 4:10pm, $0.27
    • CH Robinson Worldwide (CHRW) 4:15pm, $0.81
    • Chemtura (CHMT) 4:37pm, $0.30
    • Cincinnati Financial (CINF) 4:02pm, $0.71
    • CNO Financial (CNO) 4:05pm, $0.32
    • Dun & Bradstreet (DNB) 4:15pm, $1.72
    • Dyax (DYAX) 4:01pm, ($0.06)
    • Eagle Materials (EXP) 4:15pm, $1.03
    • Edison Intl (EIX) 4pm, $1.35
    • Electronic Arts (EA) 4:01pm, $0.53 - Preview
    • Equity Residential (EQR) 4:53pm, $0.33 - Preview
    • EXCO Resources (XCO) 4:08pm, $0.01
    • Express Scripts (ESRX) 4:25pm, $1.29 - Preview
    • Facebook (FB) 4:05pm, $0.40 - Preview
    • Fiserv (FISV) 4:01pm, $0.84
    • Gilead Sciences (GILD) 4:05pm, $1.93 - Preview
    • Green Plains (GPRE) 4:48pm, $0.96
    • Hatteras Financial (HTS) 4:02pm, $0.58
    • InvenSense (INVN) 4:06pm, $0.16
    • Kimco Realty (KIM) 4:01pm, $0.14
    • Macerich (MAC) 4:01pm, $0.20
    • Marriott Intl (MAR) 4:30pm, $0.62
    • McKesson (MCK) 4pm, $2.73
    • Mueller Water Products (MWA) 4:25pm, $0.12
    • Newfield Exploration (NFX) 4:01pm, $0.50
    • Owens-Illinois (OI) 4:04pm, $0.73
    • Panera Bread (PNRA) 4:05pm, $1.42
    • PriceSmart (PSMT) 4pm, $0.73
    • SM Energy (SM) 5:15pm, $1.47
    • SolarWinds (SWI) 4:07pm, $0.43
    • Total System Services (TSS) 4pm, $0.52
    • Trinity Industries (TRN) 4:05pm, $0.86
    • TriQuint Semiconductor (TQNT) 4:02pm, $0.24
    • UDR (UDR) 4:01pm, $0.06
    • United States Steel (X) 4:10pm, $1.20
    • Verisk Analytics (VRSK) 4:10pm, $0.64
    • Vertex Pharmaceuticals (VRTX) 4:01pm, ($0.65)
    • Western Digital (WDC) 4:15pm, $2.04
    • Willis (WSH) 4:30pm, $0.17
    • Wynn Resorts (WYNN) 4:05pm, $1.82

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Russian Mining Tycoons Seek to Trim Debt as Sanctions Sting
  • Soybean Meal Climbs to Four-Month High on Demand to Fatten Hogs
  • Crop Slump Sending Farmers to Wheat as Best Option: Commodities
  • Gold Trades Above Two-Week Low on Fed Outlook to Physical Buying
  • Nickel Advances in London Following Six Sessions of Declines
  • Rice Drops 3.1% in Chicago Trading to Lowest Since October 2010
  • Wheat Gains for Second Day on Australian, Russian Crop Concerns
  • Steel Rebar Holds Losses as Iron Ore Futures Slump to Record Low
  • Goldman Sees Nickel Rally Following a Drop in Pig Iron Output
  • Palm Oil Jumps Most in Seven Weeks on Malaysia Biodiesel Demand
  • Alpiq’s Former Head of Trading Erik Saether Joins Sweden’s Sweco
  • Cocoa Falls to Three-Month Low in London; Arabica Coffee Slides
  • Japan’s Sendai Vote Signals Quickening Pace on Reactor Restarts
  • Rice Exports From India Seen Plunging 30% as Harvest Contracts

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