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TODAY’S S&P 500 SET-UP – October 29, 2014


As we look at today's setup for the S&P 500, the range is 151 points or 6.50% downside to 1856 and 1.11% upside to 2007.                                                   

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: 1.86 from 1.90
  • VIX closed at 14.39 1 day percent change of -10.29%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Oct. 24 (prior 11.6%)
  • 10:30am: DOE Energy Inventories
  • 1pm: U.S. to sell $35b 5Y notes
  • 2pm: Fed seen maintaining overnight bank lending rate 0%-0.25%; seen ending QE program

GOVERNMENT:

    • Senate, House out of session
    • Deadline for replies to FCC on $45.2b Comcast-Time Warner Cable deal
    • 9am: Iraqi Ambassador to U.S. Luqman Abd al-Rahim Fayli delivers remarks on “Iraq-U.S. Relations: A View from Baghdad” at Arab-U.S. Policymakers Conf.
    • U.S. ELECTION WRAP: Senate Races; Alaska Polls; McConnell Humor

WHAT TO WATCH:

  • Fed Decision Day Guide: FOMC Seen Focusing on Too-Low Inflation
  • Sanofi Chief Ousted After Tensions With Board Members
  • Facebook Projects ‘More Difficult’ Quarter as CEO Spends
  • Gilead Misses Profit Est. on Obamacare Fee, Lower Drug Sales
  • Aflac Profit Climbs on Japan Bets in Dollar-Denominated Assets
  • Tesla Owners Get $12,000 License Plates in Shanghai for Free
  • Deutsche Bank Sinks to 3Q Loss on Provisions for Legal Costs
  • Ares-Backed Floor & Decor Outlets Said to Plan $100 Million IPO
  • Pimco Is Replaced by BlackRock at $6.16 Billion Prudential Fund
  • Prudential Takes Stake in AFP Habitat After MetLife’s Chile Bet
  • NASA Vows to Continue Commercial Rocket Program After Explosion
  • Medicare Agency Said Focus of Insider Trading Probe: WSJ
  • Obama Warns of Fear Hindering Ebola Fight as Quarantines Stick

AM EARNS:

    • Alkermes (ALKS) 7am, $0.02
    • Arrow Electronics (ARW) 8am, $1.31
    • Automatic Data Processing (ADP) 7:30am, $0.60
    • Booz Allen Hamilton (BAH) 7am, $0.41
    • Cameco (CCO CN) 8:30am, C$0.21 - Preview
    • Capitol Federal Finl (CFFN) 9am, $0.14
    • Carlyle (CG) 6:30am, $0.52
    • Commercial Metals (CMC) 7am, $0.25
    • Dentsply Intl (XRAY) 7am, $0.60
    • Eaton (ETN) 6:30am, $1.24
    • Exelon (EXC) 7am, $0.72
    • Garmin (GRMN) 7am, $0.71
    • Goodyear Tire & Rubber (GT) 8:30am, $0.70
    • Hershey (HSY) 7am, $1.08
    • Hess (HES) 7:30am, $1.07 - Preview
    • Hyatt Hotels (H) 7:30am, $0.26
    • IAC (IACI) 7:30am, $0.66
    • McGraw Hill (MHFI) 7:15am, $0.94
    • Phillips 66 (PSX) 8am, $1.75 - Preview
    • Praxair (PX) 6:02am, $1.62
    • Prosperity Bancshares (PB) 6:04am, $1.07
    • Ralph Lauren (RL) 8am, $2.05 - Preview
    • Revlon (REV) 7:30am, $0.45
    • Sealed Air (SEE) 7am, $0.45
    • Sherritt (S CN) 7am, (C$0.07) - Preview
    • SodaStream (SODA) 7:30am, $0.35
    • Southern Co (SO) 7:30am, $1.07
    • SPX (SPW) 6:30am, $1.38
    • TE Connectivity (TEL) 6am, $1.00
    • Valley National (VLY) 7:30am, $0.14
    • Waste Management (WM) 7:30am, $0.68
    • WellPoint (WLP) 6am, $2.26 - Preview
    • Wisconsin Energy (WEC) 7am, $0.52

PM EARNS:

    • Agnico Eagle Mines (AEM CN) 5:15pm, $0.15
    • Akamai Technologies (AKAM) 4:01pm, $0.57
    • Allstate (ALL) 4:05pm, $1.34
    • Arch Capital (ACGL) 4:11pm, $0.98
    • Arris (ARRS) 4:01pm, $0.72
    • Assurant (AIZ) 4:05pm, $1.61 - Preview
    • Atmel (ATML) 4:05pm, $0.12
    • Avis Budget (CAR) 4:30pm, $1.80
    • Axis Capital (AXS) 4:32pm, $1.21
    • Baidu (BIDU) 4:30pm, $10.37
    • Barrick Gold (ABX CN) 5pm, $0.17
    • CBRE (CBG) 4:05pm, $0.35
    • Cirrus Logic (CRUS) 4pm, $0.56
    • Cloud Peak Energy (CLD) 4:10pm, $0.03
    • DreamWorks Animation (DWA) 4:02pm, $0.05
    • Duke Realty (DRE) 4:07pm, ($0.02)
    • Equinix (EQIX) 4:01pm, $0.90
    • F5 Networks (FFIV) 4:05pm, $1.48
    • Flextronics Intl (FLEX) 4:01pm, $0.24
    • FMC (FMC) 4:30pm, $0.96
    • FNF (FNF) 4:04pm, $0.54
    • Fortune Brands (FBHS) 4:01pm, $0.56
    • Hanesbrands (HBI) 4:01pm, $1.68
    • HudBay Minerals (HBM CN) 5:11pm, C$0.06
    • Intersil (ISIL) 4:05pm, $0.20
    • JDS Uniphase (JDSU) 4:05pm, $0.10
    • KapStone Paper (KS) 4:15pm, $0.66
    • Kraft Foods (KRFT) 4pm, $0.74 - Preview
    • LifeLock (LOCK) 4:05pm, $0.15
    • Lincoln National (LNC) 4:10pm, $1.43 - Preview
    • Lundin Mining (LUN CN) 5:30pm, $0.07 - Preview
    • MetLife (MET) 4:05pm, $1.38 - Preview
    • Moelis (MC) 4:05pm, $0.39
    • Murphy Oil (MUR) 5:32pm, $0.99
    • Noble (NE) 5pm, $0.55
    • Norwegian Cruise Line (NCLH) 4pm, $1.08
    • Oceaneering Intl (OII) 5:02pm, $1.13
    • Penn Virginia (PVA) 4:10pm, ($0.09)
    • Pilgrim’s Pride (PPC) 4:45pm, $0.79
    • Qiagen (QGEN) 4pm, $0.27
    • Questar (STR) 4:14pm, $0.18
    • Range Resources (RRC) 5:01pm, $0.33
    • Raymond James Finl (RJF) 4:16pm, $0.85
    • Realty Income (O) Aft-mkt, $0.23
    • RF Micro Devices (RFMD) 4pm, $0.27
    • Service Intl (SCI) 4:05pm, $0.24
    • Suncor Energy (SU CN) 10pm, C$0.77 - Preview
    • SunPower (SPWR) 4:05pm, $0.23 - Preview
    • Superior Energy Services (SPN) 4:15pm, $0.54
    • Take-Two Interactive (TTWO) 4:05pm, ($0.59)
    • Terex (TEX) 5:17pm, $0.61
    • Trulia (TRLA) 4:01pm, ($0.09)
    • Unum (UNM) 4:05pm, $0.90 - Preview
    • US Silica (SLCA) 5:31pm, $0.69
    • Validus (VR) 4:15pm, $1.12
    • Visa (V) 4:05pm, $2.10 - Preview
    • Weight Watchers (WTW) 4:05pm, $0.48
    • Whiting Petroleum (WLL) 4pm, $1.21
    • Williams Cos (WMB) 4:15pm, $0.19
    • Yamana Gold (YRI CN) 4:20pm, $0.06

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Pirates Target Oil Tankers in Asia Trade Route as Attacks Climb
  • OPEC Says Shale Producers First to Suffer From Oil-Price Plunge
  • Mistry Predicts Palm Oil Rally as ‘Worst Over’ on Falling Output
  • ADM Investing $3 Billion to Make Food Taste Better: Commodities
  • Russia Adds Gold to Reserves in Sept. as Mexico Cuts: IMF Data
  • MORE: Indonesia Seeks to Mediate Freeport, Labor Union Meeting
  • Palm Area in Indonesia Seen Jumping 18% to 11m Hectares by 2020
  • Soybeans Gain on Brazil Drought as Wheat Rises on Russia Concern
  • OPEC Discounts Shunned by Algeria as Crude Goes to Venezuela
  • China Oil Trader in Record Mideast Crude Haul as Prices Drop
  • Breathing Cleaner Air Has Cost as Utility Bills to Surge in U.S.
  • Shanghai Rebar Rises as Mills Seen Cutting Output During APEC
  • Freeport Copper Output Falls at Grasberg After Workers Protest
  • WTI Crude Rises to Four-Day High as Fuel Demand Seen Expanding

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