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 TODAY’S S&P 500 SET-UP – January 16, 2014


As we look at today's setup for the S&P 500, the range is 17 points or 0.72% downside to 1835 and 0.20% upside to 1852.           

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 2.50
  • VIX closed at 12.28 1 day percent change of 0.00%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: CPI m/m, Dec., est. 0.3% (prior 0.0%)
  • 8:30am: Init. Jobless Claims, Jan. 11, est. 328k (prior 330k)
  • 8:45am: Bloomberg U.S. Economic Survey, Jan.
  • 9am: Total Net TIC Flows, Nov. (prior $194.9b)
  • 9am: Fed’s Williams speaks in Washington
  • 9:45am: Bloomberg Economic Expectations, Jan. (prior -11)
  • 10am: Philly Fed Biz Outlook, Jan., est. 8.6 (pr 7, rev 6.4)
  • 10am: NAHB Housing Market Index, Jan., est. 58 (prior 58)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11:10am: Fed’s Bernanke speaks in Washington

GOVERNMENT:

    • Greek Deputy PM Evangelos Venizelos meets with Sec. of State John Kerry at State Dept
    • 9am: President Obama hosts event with college, university presidents and leaders from nonprofits, foundations, state governments, private-sector on expanding college opportunity
    • 9am: House Science, Space and Technology Cmte hearing on identity theft through Healthcare.gov
    • 9:15am: EPA’s McCarthy testifies at Senate Environment and Public Works Cmte hearing
    • 9:30am: House Energy and Commerce subcmte hears from Gary Cohen from CMS on health-care overhaul
    • 10am: Senate Finance Cmte holds hearing on advancing Congress’s trade agenda
    • 10am: National Transportation Safety Board unveils 2014 Most Wanted list of safety improvements
    • 11:30am: House Speaker Boehner, R-Ohio, holds press briefing

WHAT TO WATCH:

  • House passes $1.1t spending bill in shift from discord
  • J.C. Penney closing 33 stores, cutting 2,000 jobs
  • Yahoo’s Mayer said to have fired COO Henrique de Castro
  • Microsoft CEO list said to include Ericsson’s Vestberg
  • Citigroup sells servicing to Fannie Mae on $10b loans
  • Big banks face sharper risk-management focus in OCC policy shift
  • J&J said to agree to sell Ortho unit to Carlyle for $4b
  • Apollo buys Chuck E. Cheese in near $1b deal, FT says
  • Currency traders told Bank of England of fix practices in 2012
  • AOL gives up control of money-losing local news division Patch
  • Citibank to reissue debit cards after target hack: NYT
  • China’s Treasury holdings rose to record in November
  • ECB said to favor 6% capital requirement in stress test
  • Spain auctions 3Y notes at record-low yield of 1.595%
  • Ahold says 4Q U.S. same-store sales decline

AM EARNS:

    • BB&T (BBT) 5:45am, $0.72
    • BlackRock (BLK) 5:30am, $4.33
    • Charles Schwab (SCHW) 8:45am, $0.21
    • Citigroup (C) 8am, $0.95 - Preview
    • First Republic (FRC) 7am, $0.75
    • Goldman Sachs (GS) 7:35am, $4.18 - Preview
    • Huntington Bancshares (HBAN) 5:55am, $0.17
    • PNC Financial (PNC) 6:24am, $1.64
    • PPG Industries (PPG) 8:11am, $1.73 - Preview
    • UnitedHealth Group (UNH) 6am, $1.41 - Preview

PM EARNS:

    • American Express (AXP) 4:01pm, $1.25
    • Capital One Financial (COF) 4:05pm, $1.55
    • Intel (INTC) 4:01pm, $0.52 - Preview
    • People’s United Financial (PBCT) 4:03pm, $0.20
    • Skyworks Solutions (SWKS) 4:30pm, $0.66
    • SLM (SLM) 4:15pm, $0.73

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Sugar Falls to Lowest Since 2010 on India Subsidy; Cocoa Gains
  • JPMorgan Leads Mining Loan Rebound Amid Price Slump: Commodities
  • India Spurring Sugar Exports Sends Global Prices to 43-Month Low
  • WTI Crude Advances to Two-Week High as U.S. Inventories Decline
  • Soybeans Climb for a Sixth Session on Sustained Chinese Demand
  • Gold Declines for Worst Run in Four Weeks as Dollar Strengthens
  • Nickel Advances for Fifth Day on Speculation Supply to Tighten
  • Natural Gas Rebounds on Forecast for Record Drop in U.S. Supply
  • Rebar Falls From One-Week High Amid China’s Lower Credit Growth
  • Gold to Trade in Range for StanChart’s East as Asia Counters Fed
  • Singapore Exchange to Stop Trading, Clearing LME Futures
  • U.S. Corn Exports Seen in Peril as China Mops Domestic Glut
  • China to Cut Sugar Imports as Premium Narrows: Chart of the Day
  • Richest Coffee Takeover in Asia Seen With Super Group: Real M&A

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