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TODAY’S S&P 500 SET-UP – November 6, 2014


As we look at today's setup for the S&P 500, the range is 73 points or 2.80% downside to 1967 and 0.81% upside to 2040.                                                                    

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: 1.81 from 1.82
  • VIX closed at 14.17 1 day percent change of -4.84%

 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts y/y, Oct. (prior -24.4%)
  • 7:30am: RBC Consumer Outlook Index, Nov. (prior 53.2)
  • 8:30am: Initial Jobless Claims, Nov. 1, est. 285k (prior 287k)
  • Continuing Claims, Oct. 25, est. 2.363m (prior 2.384m)
  • 8:30am: Non-farm Productivity, 3Q prelim., est. 1.5% (pr 2.3%)
  • 9:45am: Bloomberg Consumer Comfort, Nov. 2 (prior 37.2)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 10:40am: Fed’s Evans speaks in Chicago
  • 11am: U.S. to announce auction of 3M/6M bills, 1Y bills
  • 1:30pm: Fed’s Powell speaks in Chicago
  • 7:05pm: Fed’s Mester speaks in New York

GOVERNMENT:

    • Senate, House out of session
    • 8:30am: FTC Commissioner Maureen Ohlhausen delivers opening remarks at American Bar Assn’s Fall Forum on antitrust policy
    • 4:45pm: FTC Chairwoman Edith Ramirez delivers closing remarks
    • 9:30am: FDIC Chairman Martin Gruenberg speaks at Cities for Financial Empowerment Fund’s Bank On Conf.
    • 9:30am: Airlines for America releases forecast for Thanksgiving air travel
    • 1:15pm: Boehner press conference on results of midterms

WHAT TO WATCH:

  • Obama Said to Seek Added $3.2b to Fight Islamic State
  • Barclays CEO Sees Fewer Bankers Earning Top Pay on Overhaul
  • Banks Get More Flexible Tone From CFTC on Overseas Swap Rule
  • Tesla Projects Several Years of 50% Growth; Shares Surge
  • GM Asks Bankruptcy Judge to Bar $10b Ignition Claims
  • Palo Alto Networks Discovers of iOS, Os X Malware WireLurker
  • Costco Said to Weigh U.S. AmEx Breakup After Canada Switch
  • Genworth Posts $844 Million Loss on Long-Term Care Shortfall
  • EMC Gets Einhorn Investment Amid Pressure From Elliott
  • Dell, Silver Lake Said to Reap 90% Gain 1 Yr After Buyout
  • AIG Ex-CEO Willumstad Testifies Bailout Was Only Option
  • Confident U.S. Shale E&Ps Think They Can Outlast OPEC Moves
  • CBS Beats Analysts’ Estimates on Advertising From NFL Games
  • Airbus Gets China Aircraft Leasing $10b Order for Planes
  • U.S. Starts Money-Laundering Probe Against Timchenko: WSJ
  • October U.S. Comp. Sales May Miss Ests. on Weather

AM EARNS:

    • Advance Auto Parts (AAP) 8:30am, $1.88
    • AES (AES) 6am, $0.34
    • Air Canada (AC/B CN) 6am, C$1.45 - Preview
    • Akorn (AKRX) 6am, $0.25
    • AMC Networks (AMCX) 8:30am, $0.73
    • Ameren (AEE) 8am, $1.21
    • AOL (AOL) 7am, $0.52
    • Apache (APA) 8am, $1.38 - Preview
    • Apollo Investment (AINV) 7:30am, $0.23
    • BCE (BCE CN) 6am, C$0.77 - Preview
    • Broadridge Financial (BR) 7am, $0.29
    • Cablevision Systems (CVC) 8:30am, $0.19 - Preview
    • Calpine (CPN) 6am, $0.62
    • Canadian Tire (CTC/A CN) 7:40am, C$2.00
    • Carrizo Oil (CRZO) 6:30am, $0.64
    • Cinemark (CNK) 6:30am, $0.36
    • Coty (COTY) 6:30am, $0.28
    • Crescent Point Energy (CPG CN) 8am, C$0.31
    • DirecTV (DTV) 7:30am, $1.30 - Preview
    • EchoStar (SATS) 6:02am, $0.39
    • Federal Home Loan Mortgage (FMCC) 8am, $0.44
    • Flowers Foods (FLO) 6:30am, $0.20
    • Gartner (IT) 7am, $0.39
    • Generac (GNRC) 5:59am, $1.03
    • Hain Celestial (HAIN) 7:30am, $0.67
    • Hawaiian Electric (HE) 6am, $0.42
    • Henry Schein (HSIC) 7am, $1.30
    • Horizon Pharma (HZNP) 6:30am, $0.15
    • Hospira (HSP) 7:30am, $0.54
    • Houghton Mifflin (HMHC) 7:15am, $1.11
    • Huntington Ingalls (HII) 7:15am, $1.84
    • Inter Pipeline (IPL CN) 11:16am, C$0.30
    • Kate Spade (KATE) 7:40am, $0.02 - Preview
    • Keryx Biopharmaceuticals (KERX) 7am, ($0.26)
    • Laredo Petroleum (LPI) 6:59am, $0.17
    • Molson Coors (TAP) 7:30am, $1.48
    • Nationstar Mortgage (NSM) 7am, $1.11
    • NorthStar Realty (NRF) 7:30am, $0.36
    • Orbitz Worldwide (OWW) 8:03am, $0.13
    • Pacific Rubiales (PRE CN) 6am, $0.40
    • Perrigo (PRGO) 8am, $1.45
    • Pinnacle Entertainment (PNK) 8am, $0.47
    • Quebecor (QBR/B CN) 6am, C$0.50 - Preview
    • Saputo (SAP CN) 10am, C$0.39
    • Sarepta Therapeutics (SRPT) 7am, ($0.99)
    • Scripps Networks (SNI) 7am, $0.84
    • SNC-Lavalin (SNC CN) 8:43am, C$0.81
    • Solera (SLH) 7am, $0.73
    • Synta Pharmaceuticals (SNTA) 7am, ($0.24)
    • Telus (T CN) 6am, C$0.61 - Preview
    • Teradata (TDC) 6:55am, $0.66
    • Tri Pointe Homes (TPH) 6:30am, $0.16
    • Visteon (VC) 7am, $0.71
    • Wendy’s (WEN) 7am, $0.09
    • Windstream (WIN) 7am, $0.04

PM EARNS:

    • Alliant Energy (LNT) 6pm, $1.38
    • Allscripts Healthcare (MDRX) 4:01pm, $0.10
    • American Equity Investment (AEL) 4pm, $0.50
    • Bonanza Creek Energy (BCEI) 4:18pm, $0.52
    • Bruker (BRKR) 4:01pm, $0.15
    • Computer Sciences (CSC) 4:15pm, $1.01
    • Concur Technologies (CNQR) 4:15pm, $0.22
    • Consolidated Edison (ED) Aft-Mkt, $1.45
    • Credicorp (BAP) 7pm, $8.13
    • Darling Ingredients (DAR) 4:30pm, $0.19
    • DaVita HealthCare (DVA) 4:32pm, $0.90
    • First Solar (FSLR) 4:05pm, $0.64 - Preview
    • Globalstar (GSAT) 4pm, ($0.03)
    • Great Plains Energy (GXP) 5:12pm, $0.97
    • Great-West Lifeco (GWO CN) 4:10pm, C$0.63 - Preview
    • International Game (IGT) 4:05pm, $0.30
    • King Digital (KING) 4:01pm, $0.47
    • Kodiak Oil (KOG) 4:05pm, $0.20
    • Lions Gate Entertainment (LGF) 4:06pm, $0.15
    • Medivation (MDVN) 4:10pm, $0.83 - Preview
    • Monster Beverage (MNST) 4:05pm, $0.67
    • MRC Global (MRC) 4:35pm, $0.46
    • National Fuel Gas (NFG) 5:05pm, $0.58
    • Nektar Therapeutics (NKTR) 4:10pm, $0.41
    • Northeast Utilities (NU) 4:15pm, $0.75
    • Northern Oil (NOG) 4:01pm, $0.26
    • Nvidia (NVDA) 4:20pm, $0.35
    • Prospect Capital (PSEC) 5pm, $0.28
    • Rovi (ROVI) 4:01pm, $0.40
    • Salix Pharmaceuticals (SLXP) 4:01pm, $1.55 - Preview
    • Sapient (SAPE) 4:20pm, $0.22
    • Skyworks Solutions (SWKS) 4:15pm, $1.07
    • Spectrum Pharmaceuticals (SPPI) 4pm, ($0.05)
    • Sprouts Farmers Market (SFM) 4:05pm, $0.16
    • Stifel Financial (SF) Aft-Mkt, $0.66
    • TMX (X CN) Aft-Mkt, C$0.97
    • Transocean (RIG) 4:15pm, $0.81
    • Ubiquiti Networks (UBNT) 4pm, $0.52
    • Walt Disney (DIS) 4:15pm, $0.88 - Preview
    • Zogenix (ZGNX) 4:05pm, ($0.15)
    • Zynga (ZNGA) 4:04pm, ($0.01)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • World Food Prices Drop a 7th Month in Longest Slide Since 2009
  • Gold Most Expensive to Silver Since 2009 Shows More Pain Coming
  • China’s Parched Plains End Run of Record Corn Crops: Commodities
  • Brent Oil Falls With WTI as Libya Says Sharara Field to Restart
  • Gold Advances After Biggest Retreat This Year as Dollar Weakens
  • Nickel Advances for Second Day as U.S. Job Growth Strengthens
  • Port Hedland Engineers to Strike, Risking Iron Ore Export Delays
  • OPEC’s Weakest Links Feeling Pain That U.S. Shale Producers Seek
  • Corn Falls With Soybeans as USDA May Boost U.S. Crop Forecast
  • Copper Premium in Europe Said to Fall to Lowest Since March 2013
  • Rebar Rebounds From Record Low as Traders See Buying Opportunity
  • American Eagle Silver Coins Sold Out at U.S. Mint on Demand Jump
  • Tepco Has Secured Enough Lean LNG ‘For Now,’ Co. President Says
  • Libya’s Biggest Oilfield to Resume Output Soon, Official 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