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TODAY’S S&P 500 SET-UP – January 28, 2014


As we look at today's setup for the S&P 500, the range is 64 points or 1.32% downside to 1758 and 2.27% upside to 1822.       

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: 2.42 from 2.41
  • VIX closed at 17.42 1 day percent change of -3.97%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45/8:55am: ICSC/Redbook weekly retail sales
  • 8:30am: Durable Goods, Dec., est. 1.8% (prior 3.5%)
  • 9am: S&P/Case Shiller Home Price Index m/m, Nov., est. 0.8%
  • 10am: Consumer Confidence Index, Jan., est. 78 (prior 78.1)
  • 10am: Richmond Fed Manuf Index, Jan., est. 13 (prior 13)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • Federal Open Market Cmte begins final mtg under Fed Chairman Ben Bernanke, who’ll be succeeded by Janet Yellen
    • U.S. central bank may trim bond purchases in $10b increments over next 6 mtgs b/f announcing program’s end no later than Dec.
    • 8am: FTC’s chief privacy Peter Miller delivers keynote address at American Council for Technology and Industry Advisory Council’s Cybersecurity Forum
    • 10am: CFPB’s Cordray testifies at House Financial Services Cmte hearing
    • 10am: House Ways and Means Cmte holds hearing on how ACA definition of full-time employee affects jobs
    • 10am: Senate Banking Cmte hears from Ex-Im Bank Chairman Fred Hochberg on reauthorization of bank
    • 10am: House Agriculture, Energy and Trade panel meets on effect of intl trade agreements on small business
    • 1:30pm: House Homeland Security panel holds hearing on TSA’s criminal investigators
    • 9pm President Barack Obama gives State of the Union address
    • ~10pm Republican Conference Chair Cathy McMorris Rodgers, R-Wash., will deliver GOP response

WHAT TO WATCH:

  • Apple products losing steam put onus on Cook for new gadgets
  • Samsung keeps lead over Apple as China smartphones gain share
  • Tech cos. win deal to disclose U.S. requests for user data
  • Bank of Montreal agrees to buy U.K.’s F&C for $1.2b
  • Texas Industries said to reach deal for sale to Martin Marietta
  • President Barack Obama gives State of the Union address
  • Rep. Cathy McMorris Rodgers, R-Wash., to give GOP response
  • House, Senate leaders reach deal on farm bill
  • Ukraine premier steps down as lawmakers meet to end protests
  • U.K. 4Q GDP up 0.7%, matches forecast, ending best yr since ’07
  • India unexpectedly raises rate as rupee risks inflation goal
  • Honda becomes net U.S. exporter as Japan imports topped
  • Foxconn in talks with multiple U.S. states for manufacturing
  • Shell said to seek buyers for $1b stake in Ho-Ho pipeline
  • Credit Suisse said to plan $500m U.S. CLO amid slow start
  • Casablanca Capital to push for ops split at Cliffs Natural: WSJ
  • Google pays GBP400m to acquire U.K. Startup: Guardian
  • Vision care insurer VSP will cover Google Glass: NY Times

AM EARNS:

    • Air Products & Chemicals (APD) 6am, $1.33
    • AK Steel Holding (AKS) 8am, $0.05 - Preview
    • CIT Group (CIT) 6am, $0.80
    • Comcast (CMCSA) 7am, $0.68 - Preview
    • Corning (GLW) 7am, $0.28
    • Danaher (DHR) 6am, $0.95
    • DR Horton (DHI) 6am, $0.30 - Preview
    • EI du Pont de Nemours & Co (DD) 6am, $0.55 - Preview
    • FirstMerit (FMER) 7:30am, $0.37
    • Ford Motor Co (F) 7am, $0.28 - Preview
    • Harris (HRS) 6:3am, $1.18
    • Illinois Tool Works (ITW) 8am, $0.91
    • Lexmark International (LXK) 7am, $1.08
    • NextEra Energy (NEE) 7:30am, $0.97
    • Nucor (NUE) 9am, $0.40 - Preview
    • Pentair (PNR) 7am, $0.85
    • Pfizer (PFE) 7am, $0.52 - Preview
    • Polaris Industries (PII) 6am, $1.55
    • T. Rowe Price Group (TROW) 7:29am, $1.03

PM EARNS:

    • ACE (ACE) 4:01pm, $2.01
    • Albemarle (ALB) 4:03pm, $1.05
    • Amgen (AMGN) 4pm, $1.69  - Preview
    • Arthur J Gallagher & Co (AJG) 4:09pm, $0.49
    • AT&T (T) 4:01pm, $0.51 - Preview
    • Cirrus Logic (CRUS) 4pm, $0.77
    • Electronic Arts (EA) 4:03pm, $1.23 - Preview
    • Freescale Semiconductor (FSL) 4:05pm, $0.18
    • Illumina (ILMN) 4:05pm, $0.44 - Preview
    • Owens-Illinois (OI) 4:04pm, $0.52
    • RF Micro Devices (RFMD) 4pm, $0.13
    • Rock Tenn Co (RKT) 5pm, $1.76
    • Total System Services (TSS) 4pm, $0.47
    • VMware (VMW) 4:01pm, $1.00
    • WR Berkley (WRB) 4:01pm, $0.77
    • Yahoo! (YHOO) 4:05pm, $0.38 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Flows East as Refiners Recast Bars for China Defying Slump
  • Natural Gas Rebounds After Biggest Drop in Almost Nine Months
  • Nickel Glut Ending as Goldman Sees Rally on Ore Ban: Commodities
  • Copper Rebounds From Longest Losing Streak in Almost Five Months
  • Gold Declines on Speculation Demand to Wane With Fed Set to Meet
  • Deep South Set for Rare Winter Storm as Frigid Front Sweeps U.S.
  • Raw Sugar Extends Drop in NY, Falls to Lowest Since June 2010
  • Wheat Rallies on Concern Freezing U.S. Weather May Damage Crops
  • Rebar Futures Fall Most in a Week as Demand Drops Before Holiday
  • Platinum Miners Bet on Eight-Week Stockpile to Beat Strike
  • Falling Gasoline Hurts Exxon Plea for U.S. Crude Exports: Energy
  • Hong Kong Bans Live Poultry Sales, Culls Chickens As Virus Found
  • Basement Reservoirs May Hold 20% Additional Oil & Gas Resource
  • WTI Rises for First Time in Three Days on Freezing U.S. Weather

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