THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 31, 2013


As we look at today's setup for the S&P 500, the range is 16 points or 0.46% downside to 1495 and 0.60% upside to 1511.    

SECTOR AND GLOBAL PERFORMANCE


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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.71 from 1.73
  • VIX  closed at 14.32 1 day percent change of 7.59%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: Challenger Job Cuts Y/y, Jan. (prior -22.1%)
  • 8:30am: Employment Cost Index, 4Q, est. 0.5% (prior 0.4%)
  • 8:30am: Personal Income, Dec., est. 0.8% (prior 0.6%)
  • 8:30am: Personal Spending, Dec., est. 0.3% (prior 0.4%)
  • 8:30am: Initial Jobless Claims, Jan. 26, est. 350k (prior 330k)
  • 9:00am: NAPM-Milwaukee, Jan., est. 52.0 (prior 52.2)
  • 9:45am: Chicago Purchasing, Jan., est. 50.5 (prior 50.0)
  • 9:45am: Bloomberg Consumer Comfort, Jan. 27 (prior -36.4)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural gas
  • 11am: Fed to purchase $1.25b-$1.75b in 2036-2042 range

GOVERNMENT:

    • Senate in session
    • CFTC holds public roundtable on “futurization” of swaps market, 9:30am
    • SEC meets on federal securities rules, regulations affecting small businesses, 9:30am
    • FCC holds open commission meeting, 10:30am
    • Energy Secretary Steven Chu delivers keynote remarks on electric vehicles, Convention Center

WHAT TO WATCH

  • Facebook profit declines 79% on spending to lure advertisers
  • KKR, Apax said to team up for Vivendi’s GVT against DirecTV
  • Apollo chosen with Metropoulos as lead bidder for Hostess cakes
  • Paulson added to ACA Financial abacus suit against Goldman
  • Qualcomm forecasts profit, sales that top analysts’ ests.
  • Honda Motor cuts profit forecast on China, Europe sales drop
  • Shell misses profit ests., says investment costs to rise
  • Deutsche Bank posts $3b 4Q loss on costs
  • STMicroelectronics sees funding costs in chip venture exit
  • J&J’s Ekdahl says hips recalled because of unmet clinical needs
  • German Jan. unemployment unexpectedly declines
  • BOJ could add further easing if needed, Yamaguchi says
  • U.S. revisits AB InBev’s Modelo takeover plan, N.Y. Post says

EARNINGS:

    • Potash of Saskatchewan (POT CN) 6am, $0.57, preview
    • Enterprise Products Partners (EPD) 6am, $0.65
    • Time Warner Cable (TWC) 6am, $1.55, preview
    • Whirlpool (WHR) 6am, $2
    • Dunkin’ Brands Group (DNKN) 6am, $0.33
    • Aetna (AET) 6am, $0.94
    • Ball (BLL) 6am, $0.66
    • Thermo Fisher (TMO) 6am, $1.28, preview
    • Helmerich & Payne (HP) 6am, $1.29
    • PulteGroup (PHM) 6:30am, $0.31, preview
    • AutoNation (AN) 6:45am, $0.64
    • Dow Chemical Co/The (DOW) 6:55am, $0.34
    • Xcel Energy (XEL) 7am, $0.28
    • Viacom (VIAB) 7am, $0.90, preview
    • Zimmer Holdings (ZMH) 7am, $1.49, preview
    • Colgate-Palmolive Co (CL) 7am, $1.40, preview
    • Elizabeth Arden (RDEN) 7am, $1.64
    • Hershey Co/The (HSY) 7am, $0.76
    • Altria Group (MO) 7am, $0.55, preview
    • Nasdaq OMX Group (NDAQ) 7am, $0.61
    • Consol Energy (CNX) 7am, $0.23
    • Energizer Holdings (ENR) 7am, $2.15
    • Alliance Data Systems (ADS) 7am, $1.80
    • Pitney Bowes (PBI) 7am, $0.51
    • Hillshire Brands (HSH) 7am, $0.47
    • Penn National Gaming (PENN) 7am, $0.50
    • Under Armour (UA) 7am, $0.46
    • Occidental Petroleum (OXY) 7:30am, $1.66
    • Cameron International (CAM) 7:30am, $0.95
    • Mead Johnson Nutrition Co (MJN) 7:30am, $0.68
    • Invesco Ltd (IVZ) 7:30am, $0.47
    • Dominion Resources /VA (D) 7:30am, $0.69
    • AmeriGas Partners (APU) 7:30am, $1.01
    • Bemis Co (BMS) 7:30am, $0.50
    • United Parcel Service (UPS) 7:45am, $1.38, preview
    • Ryder System (R) 7:55am, $1.10
    • Royal Gold (RGLD) 8am, $0.43
    • Paccar (PCAR) 8am, $0.68
    • Blackstone Group (BX) 8am, $0.47
    • Sherwin-Williams (SHW) 8am, $1.16
    • Mastercard (MA) 8am, $4.80
    • Chubb (CB) 4pm, $(0.46)
    • Principal Financial Group (PFG) 4pm, $0.74
    • Fortune Brands Home & Security (FBHS) 4:01pm, $0.22
    • Wynn Resorts Ltd (WYNN) 4:01pm, $1.27
    • Bally Technologies (BYI) 4:01pm, $0.76
    • PMC - Sierra (PMCS) 4:04pm, $0.10
    • CR Bard (BCR) 4:05pm, $1.67
    • NetSuite (N) 4:05pm, $0.04
    • PerkinElmer (PKI) 4:05pm, $0.65
    • McKesson (MCK) 4:10pm, $1.63
    • Essex Property Trust (ESS) 4:12pm, $1.73
    • Validus Holdings Ltd (VR) 4:15pm, $(1.70)
    • Camden Property Trust (CPT) 4:15pm, $0.96
    • Manitowoc (MTW) 4:30pm, $0.24
    • Eastman Chemical (EMN) 5:01pm, $1.19

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Oil Trades Near Four-Month High as Fed Maintains Asset Buying
  • Rubber Extending Bull Market With Record Car Sales: Commodities
  • Soybeans Drop as Brazil’s Harvest Seen Proceeding Amid Rainfall
  • Copper Reaches Three-Month High as Fed Maintains Asset Purchases
  • Cotton Futures Decline in N.Y., Head for First Drop This Week
  • Gold Drops in New York as Metal Subject to ‘Opportunistic’ Sales
  • Palm Oil Surges to Three-Month High as Stockpiles Seen Falling
  • CME Retreat on Grain Hours Welcomed by Traders Who Need to Sleep
  • Rebar Gains for Second Month on Optimism for China Growth
  • India May Consider Ending Four-Decade Old Curbs on Sugar Mills
  • Silver Wheaton Attracts Capital-Hungry Miners: Corporate Canada
  • Polysilicon Seen Rebounding as China Plans Import Duties: Energy
  • U.K. Gas Stations Fairly Reflect Crude Prices: Chart of the Day
  • Robusta Coffee Gains to One-Week High on Stockpiles; Cocoa Rises

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CURRENCIES

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EUROPEAN MARKETS

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ASIAN MARKETS


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MIDDLE EAST


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The Hedgeye Macro Team