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TODAY’S S&P 500 SET-UP – January 28, 2013


As we look at today's setup for the S&P 500, the range is 23 points or 1.19% downside to 1485 and 0.34% upside to 1508.       

SECTOR AND GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4

 

EQUITY SENTIMENT:


THE HEDGEYE DAILY OUTLOOK - 10


CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.69 from 1.68
  • VIX  closed at 12.89 1 day percent change of 1.58%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Durable Goods Orders, Dec., est. 1.9% (prior 0.8%)
  • 8:30am: Durables Ex Trans., Dec., est. 0.9% (prior 1.6%)
  • 10am: Pending Home Sales M/m, Dec., est. 0.4% (prior 1.7%)
  • 10:30am: Dallas Fed Manf. Activity, Jan. (prior 6.8)
  • 11am: Fed to purchase $1.25b-$1.75b notes in 2036-2042 sector
  • 11:30am: U.S. Treasury to sell $32b 3M bills, $28b 6M bills
  • 1pm: U.S. Treasury to sell $35b 2Y notes

GOVERNMENT:

    • Deadline for FERC staff to respond to Barclays over $470m penalty for alleged manipulation of energy market
    • U.S. Comptroller of the Currency Thomas Curry delivers keynote address at American Securitization Forum
    • U.S., EU, Japan to request WTO judges investigate Argentina’s import restrictions; Argentina to ask WTO to set up panel to probe U.S. curbs on imports of its animals, animal products
    • Ryan says U.S. budget needs spending cuts, not increased revenue

WHAT TO WATCH

  • Goods orders probably climbed as U.S. manufacturing stabilized
  • Boeing risks revenue of $5b on Dreamliner probe’s outcome
  • Japan’s Amari says mkts set currencies amid yen criticism
  • LodgeNet files for bankruptcy on Colony, DirecTV partner plans
  • J&J failed to forecast flaws leading to hip recall, jury told
  • China needs stricter rules on generic biologic drugs, group says
  • Barnes & Noble to cut 33% of stores over next decade: WSJ
  • Volvo to buy 45% of Dongfeng Motor Groups unit for RMB5.6b
  • U.S. air safety group urged tougher battery standards, WSJ says
  • ‘Hansel & Gretel’ top weekend N.A. film with $19m ticket sales
  • U.S. Weekly Agendas: Finance, Industrials, Energy, Health, Consumer, Tech, Media/Ent, Real Estate, Transports
  • Canada Weekly Agendas: Energy, Mining
  • Fed Meeting, U.S. Jobs, Boeing: Wk Ahead Jan. 28-Feb. 2

 EARNINGS:

    • Roper Industries (ROP) 7am, $1.46
    • Biogen Idec (BIIB) 7am, $1.46 - Preview
    • Rent-A-Center (RCII) 7am, $0.84
    • Caterpillar (CAT) 7:30am, $1.70 - Preview
    • Old National Bancorp (ONB) 9am, $0.23
    • International Rectifier (IRF) 4pm, $(0.51)
    • Integrated Device Technology (IDTI) 4pm, $0.04
    • J&J Snack Foods (JJSF) 4pm, $0.44
    • VMware (VMW) 4:01pm, $0.78
    • Seagate Technology (STX) 4:01pm, $1.29
    • Plum Creek Timber Co (PCL) 4:02pm, $0.29
    • Yahoo! (YHOO) 4:05pm, $0.28
    • Illumina (ILMN) 4:05pm, $0.41
    • Sanmini-SCI (SANM) 4:05pm, $0.34
    • BMC Software (BMC) 4:05pm, $1.02
    • Zions (ZION) 4:10pm, $0.41
    • Graco (GGG) 4:30pm, $0.60
    • Brookfield Canada Office (BOX-U CN) 5pm, C$0.37
    • NewMarket (NEU) 5:01pm, $4.11
    • Crane Co (CR) 5:15pm, $0.96
    • Celanese (CE) 5:25pm, $0.63
    • Steel Dynamics (STLD) 6pm, $0.14
    • Olin (OLN) Late PM, $0.35

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Russia, Kazakhstan Expand Gold Reserves as Central Banks Buy
  • Hedge Funds Boost Bullish Bets by Most Since July: Commodities
  • Oil Trades Near Highest Level in Four Months on Economic Outlook
  • Copper Advances as Chinese Earnings Add to Revival Indications
  • Gold Trades Near Two-Week Low Amid Signs Economy Is Improving
  • Wheat Climbs Second Day After Tenders From Bangladesh and Jordan
  • Sugar Climbs as Bets on Lower Prices Reach Record; Coffee Falls
  • ICE to Start Iron Ore Futures as Market Grows on China Bets
  • Oil Bulls Ride Longest-Winning Streak Since 2006: Energy Markets
  • Indonesia Increasing Palm Oil Export Tax Seen Curbing Shipments
  • German Green Energy Push Bites Mittelstand Hand That Feeds GDP
  • Xstrata CEO Says Markets Not Best Route to Fund New Business: FT
  • Zinc Seen Climbing in Rebound From Average: Technical Analysis
  • Fonterra CEO Seeks to Reassure China, World on Milk Safety
  • India Imported 33% More Gold in January to Beat Tax, Group Says

THE HEDGEYE DAILY OUTLOOK - 5

CURRENCIES

THE HEDGEYE DAILY OUTLOOK - 6

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