THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – January 21, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 0.75% downside to 1825 and 0.83% upside to 1854.                                             

SECTOR PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - 1

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EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.47 from 2.45
  • VIX closed at 12.44 1 day percent change of -0.72%

MACRO DATA POINTS (Bloomberg Estimates):

  • No economic data expected
  • Bank of Japan sets 2014 monetary base target
  • 11am: Fed to purchase $1b-$1.5b in 2036-2043 sector
  • 11:30am: U.S. to sell $28b 3M bills, $25b 6M bills

GOVERNMENT:

    • 9:30am: IMF updates World Economic Outlook
    • 10am: CFTC advisory panel holds public mtg on swap data reporting, automated trading environments, SEFs
    • 1:30pm: NASA announces new data on global temperatures

WHAT TO WATCH:

  • Lenovo said to be in talks to buy IBM server business
  • Snow storm threatens commuter disruption on East Coast
  • Washington D.C. federal offices closed today on weather
  • AB InBev to pay $5.8b for Korea’s Oriental Brewery
  • JPMorgan said to quit Tianhe Chemicals IPO amid hiring probe
  • Expro sale said to draw Schlumberger, Halliburton, GE interest
  • China money rate slides most in 4 wks as PBOC injects cash
  • China’s economy grew 7.7% in 4Q, est. 7.6%
  • China workforce slide takes growth engine away from Xi
  • India’s Jet Air may buy 50 Boeing 737s for $2.5b: BTVI
  • Wells Fargo bars employees from P2P lending: FT
  • EU wants lawsuit safeguard in U.S. trade deal: Sueddeutsche
  • Comet-chasing Rosetta sends first signal after 31-month sleep
  • Shell exits Wheatstone LNG after $1.1b sale to Kuwait
  • GE to buy Cameron’s reciprocating compression unit for $550m
  • Talisman gains after GDF takeover approach rebuffed: Reuters
  • Deutsche Bank sees challenging 2014 after surprise 4Q loss
  • German ZEW investor confidence unexpectedly fell in Jan.
  • Bernanke may join Brookings Institution after leaving Fed: WSJ
  • Investors most upbeat in 5 yrs with record 59% bullish in poll
  • Cnooc sets 2014 output growth estimate lower than 5-yr goal
  • World Economic Forum gets under way in Davos, Switzerland

AM EARNS:

    • Baker Hughes (BHI) 6am, $0.61 - Preview
    • Delta Air Lines (DAL) 7:30am, $0.63 - Preview
    • Forest Laboratories (FRX) 7am, $0.03
    • Halliburton (HAL) 7am, $0.89 - Preview
    • Ironwood Pharmaceuticals (IRWD) 7:05am, $(0.50)
    • Johnson & Johnson (JNJ) 7:45am, $1.20 - Preview
    • Regions Financial (RF) 7am, $0.20
    • Rockwell Collins (COL) 7:21am, $0.94 - Preview
    • Synovus Financial (SNV) 7am, $0.05
    • TD Ameritrade (AMTD) 7:30am, $0.33
    • Travelers (TRV) 6:57am, $2.16
    • Verizon Communications (VZ) 7:30am, $0.65 - Preview

PM EARNS:

    • Advanced Micro Devices (AMD) 4:15pm, $0.06
    • CA (CA) 4:05pm, $0.71
    • Cree (CREE) 4:01pm, $0.39
    • FNB (FNB) 4:15pm, $0.21
    • Fulton Financial (FULT) 4:30pm, $0.20
    • Interactive Brokers (IBKR) 4:01pm, $0.25
    • Intl Business Machines (IBM) 4:05pm, $6 - Preview
    • Pinnacle Financial Partners (PNFP) 5:18pm, $0.43
    • Texas Instruments (TXN) 4:30pm, $0.46
    • Wintrust Financial (WTFC) 4:01pm, $0.70
    • Woodward (WWD) 4pm, $0.40
    • Xilinx (XLNX) 4:20pm, $0.54

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Century-Old London Gold Fix Said to Face Overhaul Amid Scrutiny
  • Brent Crude Rises for First Time in Four Days on Stronger Demand
  • Gold Drops From Six-Week High as Investors Weigh Demand Outlook
  • Africa Corn Buyers Miss Out on Cheaper World Grain: Commodities
  • Copper Falls a Second Day as Chinese Imports Cloud Demand View
  • China Rebar Drops to 16-Month Low as Iron Ore, Coke Prices Slump
  • Soybeans and Corn Drop as Rain in Argentina Seen Aiding Harvest
  • Chocolate Has New Latin America King as Ecuador Outstrips Brazil
  • China Billionaire’s Steel Bond Fall Flags Industry Smog Woes
  • Rubber Declines to Five-Month Low as Chinese Demand May Slow
  • Snow Closes Washington Offices as East Coast Flights Disrupted
  • Gold Seen Averaging $1,219 in LBMA Survey After 2013’s Decline
  • Greenland Explorers Abstain From Drilling on High Risks and Cost
  • Nickel Seen Extending Rally by Goldman on Indonesia Exports Ban

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

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The Hedgeye Macro Team