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TODAY’S S&P 500 SET-UP – January 22, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 0.97% downside to 1826 and 0.61% upside to 1855.                                    

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: 2.46 from 2.45
  • VIX closed at 12.87 1 day percent change of 3.46%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Jan. 17 (prior 11.9%)
  • 7:45am/8:55am: ICSC/Redbook weekly sales
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • House, Senate not in session
    • FCC begins first major airwaves auction since 2008, selling licenses nationwide for frequencies suited for use by smartphones, tablets; Dish Network has pledged to bid at least $1.56b to ensure sale’s success
    • 12:30pm: NASA teleconference on agency’s Earth science activities planned for 2014

WHAT TO WATCH:

  • BlackBerry to sell most of Canadian real estate to raise cash
  • ABB says profit reduced by $260m in power systems charges
  • Discovery seeks sports rights with control of Eurosport
  • Amazon said to seek content rights to start Internet TV service
  • Floating notes debut in US as more cash chases fewer securities
  • Banks seen taking on European debt amid lingering problems: NYT
  • Gross heir-apparent El-Erian quits as Pimco fights redemptions
  • Bitcoin no bargain for investors with 47% bearish in poll
  • Nokia investors call for rewards as Microsoft proceeds loom
  • Dow Jones said to dismiss CEO Fenwick amid slow demand for DJX
  • BHP quarterly iron ore production narrowly misses forecast
  • Bank of Japan sticks to record easing as inflation picks up
  • China money rate drops as PBOC cash injections spur stocks gain
  • World Economic Forum meeting in Davos coverage

AM EARNS:

    • Abbott Laboratories (ABT) 7:44am, $0.58 - Preview
    • Allegheny Technologies (ATI) 7am, $(0.21)
    • Amphenol (APH) 8am, $0.98
    • Brinker Intl (EAT) 7:45am, $0.58 - Preview
    • Coach (COH) 7am, $1.11 - Preview
    • Freeport-McMoRan (FCX) 8am, $0.80 - Preview
    • General Dynamics (GD) 7am, $1.75 - Preview
    • Motorola Solutions (MSI) 7am, $1.62
    • Northern Trust (NTRS) 7:30am, $0.75 - Preview
    • Parker Hannifin (PH) 7:30am, $1.25 - Preview
    • St Jude Medical (STJ) 7:30am, $0.99 - Preview
    • TE Connectivity (TEL) 6am, $0.77
    • Textron (TXT) 6:30am, $0.59
    • United Technologies (UTX) 6:59am, $1.53 - Preview
    • US Bancorp (USB) 7am, $0.75 - Preview
    • Norfolk Southern (NSC) 8am, $1.51 - Preview

PM EARNS:

    • BancorpSouth (BXS) 4:01pm, $0.28
    • Crown Castle Intl (CCI) 4:01pm, $0.16
    • East West Bancorp (EWBC) 5:02pm, $0.55
    • eBay (EBAY) 4:15pm, $0.80 - Preview
    • Jacobs Engineering (JEC) 8:28pm, $0.74
    • Netflix (NFLX) 4:05pm, $0.66 - Preview
    • Noble (NE) 5pm, $0.81
    • Polycom (PLCM) 4:05pm, $0.15
    • PTC (PTC) 5:02pm, $0.44
    • Raymond James Financial (RJF) 4:16pm, $0.73
    • SanDisk (SNDK) 4:05pm, $1.57
    • Stryker (SYK) 4pm, $1.22 - Preview
    • Susquehanna Bancshares (SUSQ) 4:30pm, $0.21
    • Teradyne (TER) 5:01pm, $0.04
    • Umpqua Holdings (UMPQ) 4:05pm, $0.24
    • United Rentals (URI) 4:15pm, $1.48
    • Varian Medical Systems (VAR) 4:02pm, $0.91
    • Western Digital (WDC) 4:15pm, $2.08

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Uranium Poised for Bull Market as Japan Reviews Reactors: Energy
  • Nickel Seen Stalling by Morgan Stanley as Goldman Eyes Rally
  • Whistle-Blower in Coal Rally Heralds Colombia Shift: Commodities
  • WTI Crude Rises a Third Day on Forecast Distillate Supplies Fell
  • Copper Declines on Speculation Chinese Holidays to Curb Demand
  • Wheat Gains on Speculation Cold Temperatures May Hurt U.S. Crop
  • Rubber Futures Drop to Five-Month Low on China Demand Concerns
  • Abenomics Accelerates Gold Sales in Japan as Inflation Hedge
  • Rebar Rebounds From 16-Week Low Amid Improved China Money Supply
  • India Seen Failing to Meet Sugar Export Plans: Chart of the Day
  • Australian Cattle Prices Extend Decline to Lowest Since 2009
  • Coal India Faces $4 Billion Rent Claim for State’s Mine Land
  • Gazprom, Statoil Gas May Replace Shell-Exxon Supplies in Europe
  • Gold Target Cut by Morgan Stanley Seeing ‘More Pain to Come’

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