THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – February 14, 2013


As we look at today's setup for the S&P 500, the range is 16 points or 0.68% downside to 1510 and 0.37% upside to 1526.

SECTOR AND GLOBAL PERFORMANCE


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*Buy trade and sell trade levels updated as of 02/13/13

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EQUITY SENTIMENT:


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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 1.77 from 1.75
  • VIX  closed at 12.98 1 day percent change of 2.69%

MACRO DATA POINTS (Bloomberg Estimates):

  • G20 finance ministers, central bank governors meet in Moscow for two days
  • 5:30am: U.K. to sell GBP4b 1.25% 2018 bonds
  • 8:30am: Initial Jobless Claims, Feb. 9, est. 360k (prior 366k)
  • 9:45am: Bloomberg Consumer Comfort, Feb. 10, prior -36.3
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 10:30am: Fed’s Tarullo testifies before Senate on regulation
  • 11am: U.S. to announce plans for sale of 10Y TIPS
  • 11am: Fed to purchase $4.75b-$5.75b in 2017-2018 sector
  • 12:50pm: Fed’s Bullard speaks in Miss. on economy
  • 1pm: U.S. to sell $16b 30Y bonds

GOVERNMENT:

    • 9am: Northrop Grumman briefings on defense programs
    • 9:30am: House Appropriations hears from Undersecretary of State on embassy security
    • 10am: Senate Appropriations Cmte hearing on sequestration
    • 10am: House Select Intelligence Cmte hearing on advanced cyber threats
    • President Obama speaks on economy in Decatur, Ga.
    • Senate Banking Cmte hearing on Dodd-Frank rules
    • Sens. Richard Durbin, D-Ill., Mike Enzi, R-Wyo., Lamar Alexander, R-Tenn., introduce legislation allowing states to collect sales tax from Internet-based retailers

WHAT TO WATCH

  • AMR, US Airways boards said to approve $11b merger
  • Dell said to plan holder meetings to assess demands for LBO
  • AB InBev to sell U.S. Corona rights to meet deal demands
  • Apple says it will fight Greenlight’s effort to block vote
  • Google sues BT Group unit over 4 patents for network services
  • Buffett’s PacifiCorp denied rehearing of Cal ISO case at FERC
  • Endeavour hires advisers, considers sale of company
  • Time Warner said to talk w/Meredith about magazine deal
  • Total in ‘advanced talks’ to sign China shale exploration accord
  • Newfield to examine alternatives for international properties
  • Bertelsmann said to work w/Lazard on RTL Group share sale
  • Pershing, other funds to report holdings as of Dec. 31

EARNINGS:

    • Precision Drilling (PD CN) 6am, C$0.08
    • Alliant Energy (LNT) 6am, $0.57
    • Cenovus Energy (CVE CN) 6am, C$0.38
    • Encana (ECA CN) 6am, $0.39
    • Alexion Pharmaceuticals (ALXN) 6:30am, $0.53
    • Regeneron Pharmaceuticals (REGN) 6:30am, $1.37
    • SPX (SPW) 6:30am, $1.56
    • Barrick Gold (ABX CN) 6:46am, $1.05 - Preview
    • PPL (PPL) 6:53am, $0.46
    • General Motors (GM) 6:58am, $0.51 - Preview
    • Incyte (INCY) 7am, $(0.02)
    • Alpha Natural Resources (ANR) 7am, $(0.49)
    • Discovery Communications (DISCA) 7am, $0.76
    • Jarden (JAH) 7am, $1.26
    • PepsiCo (PEP) 7am, $1.05 - Preview
    • RioCan Real Estate Investment Trust (REI-U CN) 7am, C$0.37
    • GNC Holdings (GNC) 7:30am, $0.46
    • NorthStar Realty Finance (NRF) 7:30am, $0.22
    • BorgWarner (BWA) 7:30am, $1.14
    • DIRECTV (DTV) 7:30am, $1.15
    • Molson Coors Brewing Co (TAP) 7:30am, $0.64
    • Waste Management (WM) 7:30am, $0.60
    • Apache (APA) 8am, $2.29
    • Vulcan Materials (VMC) 8am, $(0.09)
    • Realty Income (O) 9:15am, $0.54
    • CI Financial (CIX CN) 12:41pm, C$0.34
    • CBS (CBS) 4:01pm, $0.70
    • DaVita HealthCare Partners (DVA) 4:01pm, $1.58
    • Brocade Communications Systems (BRCD) 4:04pm, $0.16
    • QLIK Technologies (QLIK) 4:05pm, $0.23
    • Agilent Technologies (A) 4:05pm, $0.67
    • Health Management Associates (HMA) 4:05pm, $0.19
    • Fairfax Financial Holdings Ltd (FFH CN) 5:01pm, $8.87
    • Goldcorp (G CN) 5:01pm, $0.55
    • Key Energy Services (KEG) Post-Mkt, $0.08

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Sugar War Revived as U.S. Senators Back Cuts in Price Supports
  • Cattle Disappearing Amid Drought Signals Beef Rally: Commodities
  • Gold Demand Rose 3.8% in Fourth Quarter, Narrowing Annual Drop
  • Platinum Widens Spread Over Gold as Supply Concern Drives Rally
  • Aluminum Climbs for Third Day Before Report on Jobless Claims
  • Wheat Rebounds From Seven-Month Low as U.S. Exports May Increase
  • Barrick Gold Takes $3 Billion Writedown on Zambia Copper Mine
  • Astra Agro Targets 10% Production Growth This Year, Mahdi Says
  • Soy Spread Surging Amid Wait for Big Harvest: Technical Analysis
  • Indonesian Palm Exports to Slump to Four-Month Low; Futures Drop
  • Gold Fields’ Profit Declines 7.4% After Strikes Cuts Production
  • Desalination Seen Booming at 15% a Year as World Water Dries Up
  • Alpha Quarterly Results Exceed Estimates After Coal Exports Rise
  • ‘No Moo in Mince’ Claim Helps Horse Meat in Food Scandal Twist
  • Gold Council Sees Central Bank Bullion Buying at 48-Year High

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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