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TODAY’S S&P 500 SET-UP – January 29, 2014


As we look at today's setup for the S&P 500, the range is 48 points or 1.20% downside to 1771 and 1.48% upside to 1819.              

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: 2.39 from 2.41
  • VIX closed at 15.8 1 day percent change of -9.30%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Jan. 24 (prior 4.7%)
  • 7:15am: BoE’s Carney speaks in Edinburgh
  • 10:30am: DOE Energy Inventories
  • 2pm: FOMC Rate Decision, Jan. 29, est. 0%-0.25% (pr. 0%-0.25%)

GOVERNMENT:

    • President Obama speaks on economy in Md., Penn.
    • 10am: Senate Judiciary Cmte hears from Attorney General Eric Holder at oversight hearing

WHAT TO WATCH:

  • Obama income-gap message frames race for control of U.S. Senate
  • Obama seeks trade deals in speech backing U.S. cos.’ goals
  • FOMC rate decision expected at 2pm
  • JPMorgan said near decision on $2b commodities unit sale
  • Yahoo’s Mayer fails to revive growth 18 months into CEO role
  • Deutsche Bank cuts investment banker pay 23% as loss reported
  • AT&T forecasts profit on low end of estimates as rivalry grows
  • Caesars is said to weigh bid for Revel casino in Atlantic City
  • J&J gets $257m Louisiana Risperdal verdict thrown out
  • Lenovo said to agree to higher than usual break fee with IBM
  • Turkey raises rates to end lira fall as Basci defies Erdogan
  • Ukraine president fails to quell protests after ally quits
  • BP continued suspension from new contracts sought by U.S.
  • Biggest banks seen meeting Basel rules 5 yrs ahead of time
  • Goldman Sachs said to lead American Homes 4 Rent bond deal
  • Canon forecast misses analyst estimates amid camera slump
  • Novartis 4Q net drops on franc, emerging markets
  • Fiat 4Q profit misses est, won’t pay div.
  • Boeing’s testing on new tanker may face delays: Reuters

AM EARNS:

    • Ametek (AME) 7am, $0.54
    • Biogen Idec (BIIB) 7:15am, $2.27 - Preview
    • Boeing (BA) 7:30am, $1.54 - Preview
    • Canadian Pacific Railway (CP CN) 7:30am, C$1.92 - Preview
    • Capitol Federal Financial (CFFN) 9am, $0.13
    • CGI Group (GIB/A CN) 6:30am, C$0.71 - Preview
    • Dow Chemical (DOW) 7am, $0.43 - Preview
    • EMC (EMC) 6:52am, $0.59
    • Energizer Holdings (ENR) 7:30am, $2.13
    • Gentex (GNTX) 8am, $0.43
    • Hess (HES) 7:30am, $1.07 - Preview
    • Hudson City Bancorp (HCBK) 8am, $0.07
    • JetBlue Airways (JBLU) 7:30am, $0.13
    • Marathon Petroleum (MPC) 7:06am, $1.17 - Preview
    • McCormick & Co (MKC) 6:30am, $1.19
    • MeadWestvaco (MWV) 7:25am, $0.24
    • New York Community Bancorp (NYCB) 8am, $0.26
    • Phillips 66 (PSX) 8am, $1.10 - Preview
    • Praxair (PX) 6:02am, $1.55
    • Rockwell Automation (ROK) 7am, $1.39
    • SEI Investments (SEIC) 8:30am, $0.36
    • Southern (SO) 7:30am, $0.45
    • TCF Financial (TCB) 8am, $0.23
    • Tupperware Brands (TUP) 7am, $1.84
    • Valero Energy (VLO) 7:49am, $1.43 - Preview
    • WellPoint (WLP) 6am, $0.87

PM EARNS:

    • Amdocs (DOX) 4:01pm, $0.75
    • Cadence Design Systems (CDNS) 4:05pm, $0.23
    • Citrix Systems (CTXS) 4:05pm, $0.98
    • Concur Technologies (CNQR) 4:10pm, $0.13
    • Facebook (FB) 4:05pm, $0.27 - Preview
    • Flextronics Intl (FLEX) 4:01pm, $0.23
    • Fortinet (FTNT) 4:15pm, $0.14
    • Fortune Brands (FBHS) 4:01pm, $0.38
    • Hanesbrands (HBI) 4:01pm, $0.90
    • Idex (IEX) 4:35pm, $0.80
    • Intersil (ISIL) 4:05pm, $0.17
    • InvenSense (INVN) 4:05pm, $0.17
    • Lam Research (LRCX) 4:05pm, $1.03
    • Las Vegas Sands (LVS) 4:22pm, $0.84
    • Murphy Oil (MUR) 5:01pm, $1.18
    • Qiagen (QGEN) 4pm, $0.33
    • Qualcomm (QCOM) 4pm, $1.18 - Preview
    • ServiceNow (NOW) 4:01pm, $(0.02)
    • Symantec (SYMC) 4:01pm, $0.43
    • Tractor Supply (TSCO) 4:01pm, $0.65
    • Vertex Pharmaceuticals (VRTX) 4pm, $(0.56) - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • JPMorgan Said Near Decision on $2 Billion Commodities Unit Sale
  • WTI Slips From Four-Week High Before Supply Data, Fed Decision
  • Branson’s Butanol Heads to U.S. to Replace Ethanol: Commodities
  • Natural Gas Climbs for Second Day as Frigid Weather Sweeps U.S.
  • Copper Snaps 5-Day Drop as Turkey Raises Rates Before Fed Move
  • Cocoa Falls as ICCO Sticks to Shortage Forecast; Coffee Advances
  • Corn Drops First Time in Seven Days as Crop Prospects Improve
  • Gold Erases Decline in London, Following Gains in New York
  • Oilseed Harvest in India Heading for Three-Year High on Monsoon
  • Rebar Rises for First Time in Three Days on Production Cost Gain
  • Turkey Crisis Puts Jailed Millionaire at Heart of Gold Trail
  • Texas Vies With Saudi Arabian Oil in California Supply: Freight
  • Obama Touts Fracking Rule Opposed by Halliburton, Baker Hughes
  • California Farms Going Thirsty as Drought Burns $5 Billion Hole

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