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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 28 points or 1.03% downside to 1820 and 0.50% upside to 1848.                    

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: 2.48 from 2.49
  • VIX closed at 12.28 1 day percent change of -7.53%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Jan. 10 (prior 2.6%)
  • 8:30am: Empire Manufacturing, Jan., est. 3.5 (prior 0.98)
  • 8:30am: PPI m/m, Dec., est. 0.4%  (prior -0.1%)
  • 9:15am: BoE’s Carney speaks in London
  • 10:30am: DOE Energy Inventories
  • 11am: Fed to purchase $4b-$5b in 2018-2019 sector
  • 12:50pm: Fed’s Evans speaks in Coralville, Iowa
  • 2pm: Fed releases Beige Book
  • 5:45pm: Fed’s Lockhart speaks in Atlanta

GOVERNMENT:

    • 10am: House Financial Services Cmte hearing on impact of Volcker Rule, including req’d divestiture of some collateralized debt obligations
    • 10am: Sens. Ron Wyden, D-Ore.; Johnny Isakson, R-Ga.; Reps. Erik Paulsen, R-Minn.; Peter Welch, D-Vt., announce bill aimed at Medicare beneficiaries living with multiple chronic illnesses
    • 10am: House Veterans Affairs Cmte hearing on VA sourcing of surgical implants, incl. body tissue, for use in former troops
    • 10am: House Foreign Affairs Cmte hearing on South Sudan
    • 10am: Senate Finance Cmte hearing on nomination of R. Gil Kerlikowske to be commissioner of U.S. Customs and Border Protection
    • 1:05pm: Obama to discuss economy at Raleigh, N.C., event
    • 2pm: Senate Banking panel holds hearing on regulating financial holding companies and commodities

WHAT TO WATCH:

  • World Bank raises global growth forecasts for 2014
  • Abu Dhabi fund, GIC said to invest in Time Warner HQ
  • Volcker rule curbs on banks owning CDOs eased by regulators
  • Senate bid to renew jobless benefits collapses amid sparring
  • California bullet train may see funding shortfall: L.A. Times
  • Deutsche Bank suspends FX trader in New York, Welt Reports
  • AbbVie, Alexion slated to present at JPM Healthcare Conference
  • EU reins in high-frequency traders, commodity speculators
  • Laura Ashley sells stake in Moss Bros
  • China Mobile IPhone pre-registrations reach about 1m
  • German 2013 GDP growth, deficit miss est.
  • China’s credit growth slows as leaders curb speculation
  • Warrants for records said no burden as Obama readies NSA changes

EARNINGS:

    • Bank of America (BAC) 7am, $0.27 - Preview
    • Clarcor (CLC) Aft-Mkt, $0.70
    • CSX (CSX) 4:03pm, $0.43
    • Fastenal (FAST) 6:50am, $0.34 - Preview
    • HB Fuller (FUL) 6:01pm, $0.75
    • Kinder Morgan (KMI) 4:05pm, $0.34
    • Plexus (PLXS) 4pm, $0.61

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Brent Crude Declines to Two-Month Low as Libya Output Recovers
  • Libya’s First Oil Expansion in 10 Months Aiding Refiners: Energy
  • Copper Falls as Chinese New-Credit Slump Fuels Demand Concern
  • Cocoa Nears Three-Week High on European Processing; Coffee Drops
  • Gold Declines on Outlook for Less Stimulus, Strengthening Dollar
  • Corn Retreats as Argentine Crops May Benefit From Weekend Rain
  • Zinc Was in Shortage in November, Study Group Figures Show
  • Commodity Slump Spurs INTL FCStone Asia Growth as Banks Cut
  • Coffee Farmers in Vietnam Curb Sales From Record Crop Before Tet
  • Indonesia Mineral Export Ban Risk Additional Changes: Eurasia
  • Braskem to Work With Siluria on Making Ethylene From Methane Gas
  • South African Gold Mines Face Strike Notices Over Pay From AMCU
  • EU Clears Way for Fracking With Voluntary Environmental Rules
  • Barry Callebaut Says Africa Cocoa Deliveries Cut Global Shortage

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