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 TODAY’S S&P 500 SET-UP – January 14, 2014

As we look at today's setup for the S&P 500, the range is 34 points or 0.12% downside to 1817 and 1.75% upside to 1851.                       

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: 2.49 from 2.47

VIX closed at 13.28 1 day percent change of 9.39%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Small Bus Optimism, Dec., est. 93.1 (pr 92.5)
  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 8:30am: Retail Sales Advance m/m, Dec., est. 0.1% (pr 0.7%)
  • 8:30am: Import Price Index m/m, Dec., est. 0.4% (pr -0.6%)
  • 10am:  Business Inventories, Nov., est.  0.3% (prior 0.7%)
  • 12:45pm: Fed’s Plosser speaks in Philadelphia on eco outlook
  • 1:20pm: Fed’s Fisher speaks in Dallas on regional economy
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 8:30am:  World Bank President Jim Yong Kim attends CSIS discussion on universal health care cvge
    • 9:15am: Economic Policy Inst discussion on raising federal minimum wage to $10.10/hr; 
    • Tom Harkin, D-Iowa,  Rep. George Miller, White House CEA Chairman Jason Furman
    • 10am: House Transportation and Infrastructure Cmte holds hearing on Surface Transportation reauthorization
    • 10am:  House Financial Services panel meets on CFPB’s qualified mortgage rule; witnesses incl Quicken Loans  CEO Bill Emerson
    • 2:30pm: Senate Homeland Security panel holds hearing on air traffic controller training contract mgmt
    • 4pm House Budget Chairman Paul Ryan, R-Wis., speaks
    • NJ Gov. Chris Christie conducts state of state speech

WHAT TO WATCH:

  • Time Warner Cable rejects Charter’s $132.50/shr takeover offer
  • Congress unveils $1.1t measure to fund U.S. government
  • Rabobank ex-traders charged by U.S. with yen Libor rigging
  • Google acquiring Nest for $3.2b to expand in devices
  • Carlyle readying $3.7b in financing for J&J unit bid: Reuters
  • Square said to hold secondary offering at $5b valuation
  • Tesla to present at Detroit Auto Show
  • DirecTV loses Weather Channel over subscriber-fee dispute
  • McKesson may now bid for Celesio rival Phoenix: UBS
  • Rockefeller’s firm plans $2.5b Vietnam development
  • EDF sells 100-yr bonds in biggest U.S. corporate issue of 2014
  • China provinces set lower 2014 growth goals as expansion slows
  • U.K. inflation slows to BOE target for first time since 2009

EARNINGS (all times ET, times are approximate):

    • Commerce Bancshares (CBSH) 7am, $0.71
    • Corus Entertainment (CJR/B CN) 7am, C$0.62
    • JPMorgan Chase (JPM) 6:58am, $1.37 - Preview
    • Linear Technology (LLTC) 5pm, $0.48
    • Shaw Communications (SJR/B CN) 8:15am, C$0.49 - Preview
    • Wells Fargo (WFC) 8am, $0.98 - Preview - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Fed Said to Release Plan to Limit Banks’ Commodities Activities
  • Nickel Touches Three-Week High Amid Speculation About Scarcity
  • Shivering Cattle Signal Higher McDonald’s Beef Cost: Commodities
  • WTI Set for Worst Start to Year Since 2009 Before Supply Data
  • Gold Falls From One-Month High as Investors Weigh Demand Outlook
  • Soybeans Rise for Fourth Day on Chinese Demand for U.S. Supplies
  • EU Sees Rising Food Output by 2023 on Export and Biofuel Demand
  • Natural Gas Rises a Third Day on Forecast for Falling Stockpiles
  • China Rebar Rises as Iron Ore Gains With Baosteel Raising Prices
  • Oil Price Forecasts Cut by Deutsche Bank on U.S. Supply Growth
  • Silver-Coin Premiums Poised to Climb as U.S. Mint Supplies Ease
  • England’s Clouds Part for Solar as Panels Carpet Fields: Energy
  • Shale May Secure Future Oil & Gas Supply for Decades, Total Says
  • EU Sweetener Demand Set to Triple as Quotas-End Damps Sugar Use

THE HEDGEYE DAILY OUTLOOK - 5

THE HEDGEYE DAILY OUTLOOK - 6 

GLOBAL PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 3

THE HEDGEYE DAILY OUTLOOK - 4 

EUROPEAN MARKETS

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ASIAN MARKETS

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 THE HEDGEYE DAILY OUTLOOK - 9

The Hedgeye Macro Team