THE HEDGEYE DAILY OUTLOOK

 TODAY’S S&P 500 SET-UP – January 9, 2014


As we look at today's setup for the S&P 500, the range is 25 points or 0.68% downside to 1825 and 0.68% upside to 1850.                                                         

                                                                      

SECTOR PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1

 

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.57 from 2.56
  • VIX  closed at 12.87 1 day percent change of -0.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: BoE seen maintaining benchmark interest rate at 0.5%
  • 7:30am: Challenger Job Cuts y/y, Dec. (prior -20.6%)
  • 7:30am: RBC Consumer Outlook Index, Jan. (prior 49.7)
  • 7:45am: ECB seen maintaining benchmark rate at 0.25%
  • 8:30am: ECB’s Draghi holds news conference
  • 8:30am: Init. Jobless Claims, Jan. 4, est. 335k (pr 339k)
  • 9:45am: Bloomberg Consumer Comfort, Jan. 5 (prior -28.7)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Fed to purchase $600m-$900m in 2024-2031 sector
  • 1pm: U.S. to sell $13b 30Y bonds in reopening
  • 1:30pm: Fed’s George speaks in Madison, Wis.
  • 8pm: Fed’s Kocherlakota speaks in Minneapolis

GOVERNMENT:

    • 10am: House Financial Services panel holds hearing on Federal Reserve’s quantitative easing program
    • 10am: House Natural Resources Cmte meets on administration’s coal policies
    • 11:30am: House Speaker John Boehner holds media briefing
    • 2pm: President Obama delivers remarks on anti-poverty proposals

WHAT TO WATCH:

  • U.S. regulators said to weigh Volcker exemption for TruPS CDOs
  • Dec. U.S. comp. sales hurt by weak holidays, traffic
  • McKesson said to offer raised Celesio bid of EU23.50/share
  • JPMorgan’s Madoff prosecution case deferred by U.S. judge
  • CFTC ready to push interest-rate swaps to trading platforms
  • Samsung plans Galaxy S5 by April w/possible eye-scan security
  • Murdoch’s 21st Century Fox abandons Australia stock listing
  • Apple agrees w/Samsung to mediator in attempt to settle suit
  • American Express to appeal $5.7b settlement on swipe fees
  • J&J to appeal China ruling to revoke diabetes-strip trademark
  • BlackRock traded using nonpublic data, investigation shows
  • Disney-Fox bid to end Aereo TV threat nears top court action
  • IBM carves out $1b new unit for ‘Jeopardy’ champ Watson
  • Euro-area economic confidence increases more than forecast
  • UBS weighing spinoff of investment banking unit: Mediobanca
  • China’s Pangang paid for stolen DuPont secrets: prosecutors
  • Novartis accused of paying kickbacks to boost Exjade sales
  • Currency chiefs tell N.Y. Fed probes may change practices
  • China vehicle sales surpass 20m as smog chokes cities
  • Kraft helps lead 6.4t calorie cut in Obama health pledge

EARNINGS:

    • Acuity Brands (AYI) 8:52am, $0.85 - Preview
    • Alcoa (AA) 4:03pm, $0.06 - Preview
    • Barracuda Networks (CUDA) Aft-Mkt, $0.00
    • Family Dollar (FDO) 7am, $0.69 - Preview
    • Jean Coutu (PJC/A CN) 7am, C$0.28
    • PriceSmart (PSMT) 4:10pm, $0.73
    • Progress Software (PRGS) 4:15pm, $0.41
    • Supervalu (SVU) 7am, $0.14 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Crude Rebounds From Six-Week Low Before ECB Rate Decision
  • Copper Touches Two-Week Low on Speculation Fed to Cut Stimulus
  • Corn Pile Biggest Since 1994 as Crop Overwhelms Use: Commodities
  • Wheat Harvest in India Reaching 100 Million Tons Widens Surplus
  • Natural Gas Drops Third Day on Forecasts for Warmer U.S. Weather
  • Raw Sugar Spread Trades at Record Discount as Surplus Weighs
  • Corn Trades Near Three-Year Low as World Supplies Seen Building
  • Gold Holds After Biggest Drop in a Week as Traders Weigh Demand
  • Rebar Falls to Seven-Month Low as China Producer Prices Decline
  • World Food Prices Rose in December on Dairy Surge, UN Data Show
  • Oil-Tanker Recovery Trails Market With U.S. Export Ban: Freight
  • Colombia Bans Coal Loading by 2nd-Biggest Producer Drummond
  • Warm Weather Reduces Risk to Eastern Europe Winter Gas Supplies
  • Palm Imports by India Climbing as Farmers Retain Bean Supply

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 6

 

GLOBAL PERFORMANCE

 

 

THE HEDGEYE DAILY OUTLOOK - 3

 

THE HEDGEYE DAILY OUTLOOK - 4

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 


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