• It's Coming...

    MARKET EDGES

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

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


As we look at today's setup for the S&P 500, the range is 87 points or 4.42% downside to 1449 and 1.32% upside to 1536.     

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: 1.64 from 1.66
  • VIX  closed at 14.73 1 day percent change of -12.69%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:15am: Fed’s Lockhart to speak on banking in Atlanta
  • 8:30am: GDP Q/q, 4Q revision, est. 0.5% (prior -0.1%)
  • 8:30am: Personal Consumption, 4Q revision, est. 2.3%
  • 8:30am: Core PCE Q/q, 4Q revision est. 0.9% (prior 0.9%)
  • 8:30am: Init. Jobless Claims, Feb. 24 est. 360k (prior 362k)
  • 9am: NAPM-Milwaukee, Feb., est. 52.0 (prior 51.3)
  • 9:45am: Chicago Purchasing Mgr, Feb., est. 54.0 (prior 55.6)
  • 9:45am: Bloomberg Consumer Comfort, Feb. 24 (prior -33.4)
  • 10am: Freddie Mac weekly mortgage-rate survey
  • 10:30: EIA natural-gas storage change
  • 11am: Kansas City Fed Manf. Activ., Feb., est. -1 (prior -2)
  • 11am: New York Fed Executive VP McAndrews holds press briefing on household debt in New York
  • 12:30pm: Fed’s Raskin speaks on banking in Atlanta
  • 8:00pm: Fed’s Evans speaks in Des Moines, Iowa

GOVERNMENT:

    • 9am: House Armed Services subcmte hearing on impact of budget cuts on acquisition, programming
    • 10am: Joint Economic Cmte of Congress hearing on state of U.S. economy
    • House Judiciary Cmte panel meets on impact of Obama admin regulations on jobs, economy, global competitiveness

WHAT TO WATCH

  • Senate plans symbolic votes as $85b budget fight to begin
  • Boeing 3-Part fix won’t end 787 grounding quickly, FAA says
  • RBS said will sell a stake in Citizens unit in U.S. in ~2 yrs
  • Regency to buy Southern Union for $1.5b in shale move
  • Wal-Mart U.S. chief administrative officer Tom Mars to leave
  • Wal-Mart struggles to restock store shelves as U.S. sales slump
  • AOL COO Arthur Minson is said to weigh resignation
  • Sierra Nevada, Embraer win U.S. contract with $950m value
  • GM said to be targeting up to 20% growth for Volt cars this yr
  • Groupon forecast misses ests., raising pressure on CEO Mason
  • Ahold to buy back shrs as 4Q profit miss ests.
  • Lew confirmed as U.S. Treasury chief plunges into deficit fight
  • Tudor said to plan 1st equity funds since Pallotta left in ’09
  • J.C. Penney’s lowest sales in decades Show Johnson stumbling
  • Abe nominates Haruhiko Kuroda as next Bank of Japan governor
  • Draghi says ECB in no rush to tighten policy as inflation slows
  • U.S. foreclosure deals drop as lenders approve more short sales
  • MGA seeks to revive trade-secret lawsuit claims against Mattel
  • MBIA swaps rise as cites “substantial doubt” over unit

EARNINGS:

    • Canadian Imperial Bank of Commerce (CM CN) 5:35am, C$2.09
    • Catamaran (CCT CN) 6am, $0.35
    • Iron Mountain (IRM) 6am, $0.25
    • Newcastle Investment (NCT) 6am, $0.27
    • Sears Holdings (SHLD) 6am, $0.98
    • Valeant Pharmaceuticals (VRX CN) 6am, $1.21
    • Visteon (VC) 6am, $0.82
    • Royal Bank of Canada (RY CN) 6am, C$1.32
    • Toronto-Dominion Bank (TD CN) 6:30am, C$1.93
    • Ocwen Financial (OCN) 6:34am, $0.50
    • Kohl’s (KSS) 7am, $1.63
    • LKQ (LKQ) 7am, $0.23
    • WPX Energy (WPX) 7am, $(0.08)
    • MGIC Investment (MGIC) 7am, $(1.67)
    • ANSYS (ANSS) 7:09am, $0.74
    • Chico’s FAS (CHS) 7:15am, $0.20
    • AltaGas Ltd (ALA CN) 7:30am, C$0.47
    • Domino’s Pizza (DPZ) 7:30am, $0.60
    • Halcon Resources (HK) 7:30am, $0.03
    • George Weston (WN CN) 8am, C$1.09
    • Cablevision Systems (CVC) 8:30am, $0.09
    • Rowan (RDC) 8:45am, $0.48
    • Deckers Outdoor (DECK) 4pm, $2.58
    • Esterline Technologies (ESL) 4pm, $0.61
    • Gap (GPS) 4pm, $0.71
    • Sotheby’s (BID) 4pm, $1.10
    • Kodiak Oil & Gas (KOG) 4:01pm, $0.13
    • Molycorp (MCP) 4:01pm, $(0.30)
    • New Gold (NGD CN) 4:01pm, $0.13
    • Universal Health Services (UHS) 4:01pm, $0.93
    • Salesforce.com (CRM) 4:05pm, $0.40
    • SandRidge Energy (SD) 4:05pm, $0.00
    • Splunk (SPLK) 4:05pm, $0.02
    • Medivation (MDVN) 4:09pm, $(0.46)
    • McDermott International (MDR) 4:10pm, $0.23
    • Mentor Graphics (MENT) 4:10pm, $0.55
    • Omnivision (OVTI) 4:18pm, $0.41
    • Integrys Energy Group (TEG) 5:07pm, $0.95
    • National Bank of Canada (NA CN) 6pm, C$2.02
    • Endo Health Solutions (ENDP) Post-Mkt, $1.55
    • Great Plains Energy (GXP) Post-Mkt, $0.02

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Heads for Biggest Monthly Drop Since May as ETPs Slide
  • Rhodium Beating Platinum to Palladium on Car Sales: Commodities
  • Wheat Rises as U.S. Export Demand May Increase After Price Drop
  • WTI Oil Set for First Monthly Drop Since October as Supply Rises
  • Copper Swings Between Gains and Declines Amid Lack of Demand
  • Coffee Extends Gains in London on Reduced Sales; Sugar Advances
  • Palm Seen Dropping to Four-Year Low on MACD: Technical Analysis
  • Gold Demand in India Seen Rebounding After Import Tax Maintained
  • Coffee Exports From Indonesia Dropping Even With Record Crop
  • Mongolia Plans to Charge Rio’s Oyu Tolgoi Interest on Tax
  • Shell Sees Solar as Biggest Energy Source After Exiting Industry
  • India Left Gold Taxes Unchanged as Imports Continue, Group Says
  • Investors Dumping Gold Means Slump to $1,400: Chart of the Day
  • Palm Drops to Six-Week Low as Malaysian Inventories to Stay High

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