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TODAY’S S&P 500 SET-UP – October 30, 2014


As we look at today's setup for the S&P 500, the range is 111 points or 4.75% downside to 1900 and 0.82% upside to 2011.                                           

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 1.84
  • VIX closed at 14.52 1 day percent change of -4.16%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Employment Cost Index, 3Q, est. 0.5% (prior 0.7%)
  • 8:30am: Personal Income, Sept., est. 0.3% (prior 0.3%)
  • 9am: ISM Milwaukee, Oct., est. 60 (prior 63.18)
  • 9:45am: MNI Chicago Business (purchasing managers), Oct., est. 60 (prior 60.5)
  • 9:55am: UofMich. Consumer Sentiment, Oct. final, est. 86.4 (prior 86.4)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • Senate, House out of session
    • President Obama gives speech on the economy
    • Deadline for bids on Pentagon’s $11b electronic health records contract (for March 2015 award)
    • 8:30am: Commerce Dept maunfacturing event; Deputy Commerce Secretary Bruce Andrews to speak at 11:45am
    • U.S. ELECTION WRAP: Trouble With Polling; Ad Spending; Ratings

WHAT TO WATCH:

  • Citigroup Legal Costs Jump $600m as FX Probes Accelerate
  • Bank of Japan Boosts Record Stimulus as Abe Eyes Tax Rise
  • Oil Set for Biggest Monthly Drop Since ’12 on Oversupply
  • Russia Agrees to Terms With Ukraine for Gas Supply to Resume
  • Trading in Xetra Is Suspended, Deutsche Boerse Says
  • Ex-UBS Trader Defense Is Possible Threat to U.S. Forex Cases
  • Android Co-Founder Rubin Leaving Google to Form Incubator
  • Twitter Said to Appoint Head of Product as User Growth Slows
  • Disaster Averted in NYSE Stocks as Price Feed Backup Kicks In
  • Starbucks Sales Trail Estimates Amid U.S. Breakfast Rivalry
  • LinkedIn New Businesses Lift 3rd-Quarter Sales Above Estimates
  • Square’s Card-Reader Market Sway Slips as PayPal, Amazon Loom
  • Alibaba Co-Founder Said to Back Hedge Fund of Ex SAC Trader
  • BlackRock Says ETFs Aided Bond Mkt Stability After Gross Exit
  • U.S. Midterm Elections, Jobs, ECB, BOE, AIG: Wk Ahead Nov. 1-8

EARNINGS:

    • AbbVie (ABBV) 7:47am, $0.77 - Preview
    • American Axle & Mfg (AXL) 8am, $0.62
    • Aon (AON) 6:30am, $1.12
    • CBOE (CBOE) 7:30am, $0.54
    • Chevron (CVX) 8:30am, $2.52 - Preview
    • Clorox (CLX) 8:30am, $1.03 - Preview
    • CommScope (COMM) 7:30am, $0.57
    • Dominion Resources (D) 7:30am, $0.95
    • Exelis (XLS) 6:30am, $0.32
    • Exxon Mobil (XOM) 8am, $1.71 - Preview
    • Genesee & Wyoming (GWR) 6am, $1.18
    • Hilton Worldwide (HLT) 6am, $0.17
    • ITT (ITT) 7am, $0.60
    • Legg Mason (LM) 7am, $0.01
    • Madison Square Garden (MSG) 7:30am, $0.32
    • Magellan Midstream Partners (MMP) 8:30am, $0.66
    • Moog (MOG/A) 7:55am, $1.08
    • Newell Rubbermaid (NWL) 6:30am, $0.55 - Preview
    • NextEra Energy (NEE) 7:30am, $1.54
    • Oshkosh (OSK) 7am, $0.82
    • Pinnacle West Capital (PNW) 8:30am, $2.13
    • Rockwell Collins (COL) 7:30am, $1.27
    • Spirit AeroSystems (SPR) 7:30am, $0.77
    • TECO Energy (TE) 7:30am, $0.33
    • Telephone & Data Systems (TDS) 7:56am, ($0.08)
    • United States Cellular (USM) 7:57am, ($0.30)
    • Vantage Drilling (VTG) 6am, $0.02
    • WisdomTree (WETF) 7am, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Tumbles With Silver to Lowest Since 2010 as Dollar Advances
  • Brent Oil Set for Longest Run of Weekly Losses Since ’02 on Glut
  • Gold Slumping 17% to $1,000 an Ounce for SocGen on Oil’s Tumble
  • Nickel Leads Gains by Industrial Metals as Japan Adds Stimulus
  • No Guarantee Saudis to Repeat Price Cut That Drove Oil Lower
  • Hurricane Season’s Eastern Pacific Finale Sends Storm to Mexico
  • Shale Boom Redraws Oil Routes as Alaskans Ship to Korea: Energy
  • Russia Agrees to Terms With Ukraine for Gas Supply to Resume
  • Emerging-Market Currencies Hurt by Oil, Metals: Chart of the Day
  • Wheat Futures Drop as Much as 1% to $5.305/bu, Reversing Gains
  • Steel Rebar Pares Monthly Gain as Demand Seen Falling in Winter
  • Freeport Indonesia, Labor Union Continue Talks on Planned Strike
  • Copper Traders Bullish for Next Week Amid Distruption Prospects
  • ‘Brouhaha’ Looming Over OPEC Oil-Production Cuts, Yergin Says

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