• It's Here!

    Etf Pro

    Get the big financial market moves right, bullish or bearish with Hedgeye’s ETF Pro.

  • It's Here

    MARKET EDGES

    Identify global risks and opportunities with essential macro intel using Hedgeye’s Market Edges.

 

TODAY’S S&P 500 SET-UP – February 3, 2012


As we look at today’s set up for the S&P 500, the range is 10 points or -0.57% downside to 1318 and 0.19% upside to 1328. 

 

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

THE HEDGEYE DAILY OUTLOOK - 3

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: 410 (-1563) 
  • VOLUME: NYSE 810.39 (-9.21%)
  • VIX:  17.98 -3.07% YTD PERFORMANCE: -23.16%
  • SPX PUT/CALL RATIO: 1.99 from 1.68 (18.45%)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 45.43
  • 3-MONTH T-BILL YIELD: 0.08%
  • 10-Year: 1.82 from 1.82
  • YIELD CURVE: 1.60 from 1.60

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Change in Nonfarm Payrolls, Jan., est. 140k (prior 200k)
  • 8:30am: Unemployment Rate, Jan., est. 8.5% (prior 8.5%)
  • 8:30am: Establishment Employment Survey Annual Revisions
  • 10am: ISM Non-Manf. Comp, Jan., est. 53.2 (prior revised 53.0)
  • 10am: Factory Orders, Dec., est. 1.5% (prior 1.8%)
  • 1pm: Baker Hughes rig count

GOVERNMENT:

  • President Obama delivers remarks on economy in Arlington, Va.
  • House, Senate in session:
    • House Ways and Means Cmte. marks up H.R.3865, the American Energy and Infrastructure Jobs Financing Act of 2012, 9am
    • Joint Economic Committee holds hearing on unemployment report, with John Galvin of Bureau of Labor Statistics, 9:30am
    • House Rules Committee meets to formulate rule on H.R.1734, the Civilian Property Realignment Act, 9:30am
    • House Science, Space and Technology subcommittee holds hearing on science quality at EPA, 10am
    • House Energy and Commerce panel holds hearing on Keystone XL Pipeline project, with testimony from U.S. Army Corps of Engineers, Bureau of Land Management officials, 10am

WHAT TO WATCH: 

  • Employers probably added 140k jobs in Jan. after a 200k-plus gain in Dec., economists est.; jobless rate may have held at almost 3-yr low of 8.5%
  • Blackstone Group said to be studying leveraged buyout of Brocade Communications
  • Panasonic widened annual loss forecast to record $10.2b
  • Wall Street’s biggest lobbying group is split over a proposed settlement of state and federal foreclosure probes
  • Greece’s rescue plan includes a loss of more than 70% for bondholders in voluntary exchange and loans likely to exceed EU130b now on the table
  • European retail sales unexpectedly fell in December, led by Germany and France
  • Hutchison Whampoa agreed to buy Orange Austria from France Telecom and Mid Europa Partners; deal valued at EU1.3b
  • Nevada holds Republican presidential caucuses tomorrow
  • No IPOs expected to price today

EARNINGS:

    • Spectrum Brands Holdings (SPB) 6 a.m., $0.67
    • Macerich (MAC) 6 a.m., $0.87
    • Aon (AON) 6:30 a.m., $0.96
    • Simon Property Group (SPG) 7 a.m., $1.90
    • Beam (BEAM) 7:06 a.m., $0.67
    • Tyson Foods (TSN) 7:30 a.m., $0.34
    • Health Net (HNT) 7:30 a.m., $0.89
    • Domtar (UFS) 7:30 a.m., $2.24
    • Estee Lauder Cos (EL) 7:30 a.m., $1.01
    • Spectra Energy (SEP) 8 a.m., $0.38
    • Clorox (CLX) 8:30 a.m., $0.69
    • Brown & Brown (BRO) Post-Mkt, $0.22

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Bets on Raw Materials Expanding Fastest Since 2006: Commodities         
  • Gold May Extend Gains From Two-Month High on Europe Debt Concern              
  • Brazil Sugar Crop Seen Failing to Compensate for Indian Drop
  • Coffee Exports From Vietnam May Climb in February on Weather
  • India May Make Enough Sugar to Meet Demand, Averting Imports         
  • Oil Near Six-Week Low Before Jobs Report; Brent Premium Widens       
  • Copper May Gain Before Figures Showing U.S. Employment Advanced 
  • Wheat Gains as Lack of Snow Cover Puts European Plants at Risk
  • Rubber Gains, Paring First Loss in Five Weeks, as Oil Recovers
  • Contango Widest Since October in Cushing Deluge: Energy Markets       
  • Glencore-Xstrata Bankers May Reap Up to $140 Million for Advice           
  • Saudis Set to Price Arab Heavy to Tap Fuel Oil Boom, Survey Says             
  • Ship Rates’ 63% Collapse Will Snap Share Rally: Chart of the Day
  • Gold May Extend Gains From Two-Month High 
  • Copper Stockpiles in Shanghai Surge to 21-Month High
  • Soybean Traders Most Bullish This Year on South American Weather      
  • Coffee Rebounds as Vietnam Sales May Slow in March; Cocoa Gains

THE HEDGEYE DAILY OUTLOOK - 4

CURRENCIES


THE HEDGEYE DAILY OUTLOOK - 5

EUROPEAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 6

 

ASIAN MARKETS


THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

The Hedgeye Macro Team