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TODAY’S S&P 500 SET-UP – November 3, 2014


As we look at today's setup for the S&P 500, the range is 56 points or 2.53% downside to 1967 and 0.25% upside to 2023.                                      

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: 1.83 from 1.84
  • VIX closed at 14.03 1 day percent change of -3.37%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:30am: Fed’s Evans speaks in Chicago
  • 9:45am: Markit US Mfg PMI, Oct, final, est. 56.2 (prior 56.2)
  • 10am: ISM Manufacturing, Oct., est. 56.2 (prior 56.6)
  • 10am: Construction Spending, Sept., est. 0.7% (prior -0.8%)
  • 11am: U.S. to announce plans for auction of 4W bills
  • 11:30am: U.S. to sell $24b 3M bills, $30b 6M bills
  • 12:40pm: Fed’s Fisher speaks in New York

GOVERNMENT:

    • President Obama meets with Fed Chair Janet Yellen to discuss long-term outlook for U.S. economy, global recovery
    • Senate, House out of session
    • FSOC holds meeting on MetLife’s objection to proposed designation as “systemically important” financial firm
    • 9am: NATO Supreme Allied Commander, Europe, and Commander of U.S. European Command Air Force Gen. Philip Breedlove holds media briefing
    • 10am: Supreme Court hears arguments in case involving designation of “Israel” as place of birth for U.S. citizens born in Jerusalem
    • 10:30am: CFTC reviews rules to make sure they don’t have unintended consequences for non-financial cos.
    • 2pm: Greece’s energy minister, Yiannis Maniatis, speaks at the Center for Strategic and International Studies on energy trends in the eastern Mediterranean region
    • Washington Week Ahead
    • U.S. ELECTION WRAP: The Magic Senate Number; Googling ‘Nunn’

WHAT TO WATCH:

  • Publicis to Buy Sapient for $3.7b to Extend Digital Reach
  • Diageo Gets Full Control of Don Julio in Swap for Bushmills
  • Gold Extends Decline Toward 4-Year Low as Silver Tumbles
  • MetLife to Appear Before FSOC to Appeal Prelim. SIFI Designation
  • Altice Offers Oi $8.8b for Portugal Telecom Assets
  • NY Doctor With Ebola Now in ‘Stable’ Condition at Bellevue
  • Omega Healthcare to Acquire Aviv REIT in $1.65B Deal
  • Net Neutrality Groups Praise Using FCC Phone Rules on Web
  • Verizon, AT&T Cut Mobile Prices While Boosting Data Allotments
  • American Realty Capital Said to Face Accounting Errors Probe
  • Einhorn’s Greenlight Rose 2.2% in Oct. as Volatility Surged
  • Final Election Push: GOP Has the Edge; Will It Be Enough?
  • Billionaire Malone Got Double Tax Break in Liberty Inversion
  • Virgin Spacecraft’s Rocket Motor Intact After Breakup: NTSB
  • Gyllenhaal’s ‘Nightcrawler’ Movie Creeps to Tie With ‘Ouija’
  • Herbalife to Pay $15m to End ‘Pyramid Scheme’ Lawsuit
  • Obama Ends Midterm Campaigning With Eye on Governors’ Races
  • Auto Sales Preview: Oct. SAAR May Be 16.4m

AM EARNS:

    • Affiliated Managers (AMG) 7:30am, $2.71
    • Allete (ALE) 8:30am, $0.72
    • Arena Pharmaceuticals (ARNA) 6:45am, ($0.12)
    • Church & Dwight (CHD) 7am, $0.82
    • CNA Financial (CNA) 6am, $0.78
    • Enbridge Energy Partners (EEP) 8am, $0.26
    • Kosmos Energy (KOS) 7am, ($0.02)
    • Loews (L) 6am, $0.68
    • Sysco (SYY) 8am, $0.51

PM EARNS:

    • Acxiom (ACXM) 4:05pm, $0.17
    • Agrium (AGU CN) 6:13pm, $0.50
    • Alleghany (Y) 4:07pm, $7.66
    • American Intl Group (AIG) 4:03pm, $1.09
    • Community Health Systems (CYH) 4:30pm, $0.76 - Preview
    • Corrections of America (CXW) 4:15pm, $0.47
    • Covance (CVD) 4pm, $0.98
    • Detour Gold (DGC CN) 5:35pm, ($0.10)
    • Frontier Communications (FTR) 4:01pm, $0.04
    • Herbalife (HLF) 4:30pm, $1.51
    • Lannett (LCI) 4:04pm, $0.92
    • MannKind (MNKD) 4pm, ($0.02)
    • Marathon Oil (MRO) Aft-mkt, $0.59
    • MDU Resources (MDU) 5:30pm, $0.44
    • Mindray Medical (MR) 5pm, $0.46
    • Neurocrine Biosciences (NBIX) 4:02pm, ($0.21)
    • Protective Life (PL) 4:14pm, $1.22
    • Regency Centers (REG) 4:05pm, $0.18
    • RetailMeNot (SALE) 4:01pm, $0.13
    • Rock-Tenn Co (RKT) 5pm, $1.06
    • Rosetta Resources (ROSE) 5:15pm, $0.74
    • Ruckus Wireless (RKUS) 4:05pm, $0.11
    • Sprint (S) 4pm, ($0.06)
    • Stone Energy (SGY) 4:03pm, $0.07
    • Tenet Healthcare (THC) 4:15pm, $0.09
    • Veresen (VSN CN) 5pm, $0.02
    • Vornado Realty Trust (VNO) Aft-mkt, $0.43

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Extends Decline Toward Lowest Since 2010 as Silver Drops
  • Gold Wagers Drop as $1.3 Billion Pulled From Funds: Commodities
  • Brent Crude Trades Near 4-Day Low as China Manufacturing Slows
  • Palm Enters Bull Market as Soybeans Rally, Biofuels Drive Demand
  • Nickel Drops as Chinese Manufacturing Growth Misses Estimates
  • Hedge Funds Cut Bullish Oil Bets as Global Glut Expands: Energy
  • ICE Brent Money Managers Net-Longs Rose to 54,715 Last Week
  • White Sugar Falls for Third Day on Ample Supply; Cocoa Declines
  • Natural Gas Rises for Fifth Day as Cold Forecast for U.S. East
  • Lehman Antidote Hits Nordic Power Exchange With Another Problem
  • Steel Rebar Falls on Signs of China Slowdown, Iron Ore Price
  • Hurricane Vance in Pacific Will Weaken From Tonight, NHC Says
  • Tomato Demand Spurs Record California Crop as Drought Worsens
  • Zimbabwe Needs to Clarify its Black Ownership Laws, IMF Says
  • Corn Drops With Soybeans as U.S. Weather Seen Boosting Harvest

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