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TODAY’S S&P 500 SET-UP – January 31, 2014


As we look at today's setup for the S&P 500, the range is 54 points or 2.18% downside to 1755 and 0.83% upside to 1809.                                       

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: 2.32 from 2.35
  • VIX closed at 17.29 1 day percent change of -0.35%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Employment Cost Index, 4Q, est. 0.4% (prior 0.4%)
  • 8:30am: Personal Income, Dec., est. 0.2% (prior 0.2%)
  • 9:45am: Chicago Purchasing Mgr Index, Jan., est. 59
  • 9:55am: U of Mich. Conf, Jan. Final, est. 81.0 (pr 80.4)
  • 1pm: Baker Hughes rig count
  • 1:15pm: Fed’s Fisher to speak in Fort Worth, Texas

GOVERNMENT:

    • Sec. of State John Kerry travels to Berlin for mtgs with German officials ahead of Munich Security Conf
    • 9am: President’s Council of Advisors on Science and Technology meets on reproducibility, big data
    • 10am: SEC Dodd-Frank investor advisory cmte meets

WHAT TO WATCH:

  • MSFT said set to name Nadella CEO, replace Gates at chairman
  • Google sales top estimates as retail offsets ad-price drop
  • Lenovo said to ask for delayed payment amid Motorola deal rush
  • Google looking to buy wearable device cos.: The Information
  • Amazon’s boundless spending tested as sales growth slows
  • Yahoo identifies effort to break into users’ e-mail accts
  • Zynga buys NaturalMotion to boost mobile, is cutting staff
  • Keystone report said likely to disappoint opponents on climate
  • Euro-area Jan. inflation slows to 0.7% as energy prices drop
  • Rowan fighting natural gas well in Gulf of Mexico
  • Honda profit misses estimates as demand in Thailand slumps
  • LVMH rises most since 2010 on rebound in fashion sales growth
  • SEC panel opposes planned test of wider share-price increments

EARNINGS:

    • AbbVie (ABBV) 7:51am, $0.82 - Preview
    • Aon (AON) 6:30am, $1.51
    • Autoliv (ALV) 6am, $1.52
    • Avery Dennison (AVY) 8:30am, $0.68
    • Booz Allen Hamilton (BAH) 6:30am, $0.33
    • Brookfield Office Properties (BPO CN) 7am, $0.14
    • Chevron (CVX) 8:30am, $2.57 - Preview
    • Consol Energy (CNX) 7am, $0.06 - Preview
    • Dominion Resources (D) 7:30am, $0.89
    • ImmunoGen (IMGN) 6:30am, ($0.16)
    • Lear (LEA) 7am, $1.59
    • Legg Mason (LM) 7am, $0.99
    • LyondellBasell (LYB) 7am, $1.40
    • MasterCard (MA) 8am, $0.60
    • Mattel (MAT) 6am, $1.20 - Preview
    • Mead Johnson Nutrition (MJN) 7:30am, $0.77
    • National Oilwell Varco (NOV) 7am, $1.39 - Preview
    • Newell Rubbermaid (NWL) 6:30am, $0.46 - Preview
    • Paccar (PCAR) 8am, $0.93
    • Simon Property Group (SPG) 7am, $1.22 - Preview
    • Tyco International (TYC) 6am, $0.45 - Preview
    • Tyson Foods (TSN) 7:30am, $0.64
    • WisdomTree Investments (WETF) 7am, $0.12

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Has Longest Losing Streak Since 1998 on China Concern
  • RWE Expands in LNG to U.S. Natural Gas as Banks Exit Commodities
  • WTI Crude Drops on Speculation Gain to Month-High Was Excessive
  • Gold Trades Near 1-Week Low on Outlook for Fed, Physical Demand
  • Corn Set for First Monthly Gain Since August as U.S. Sales Climb
  • Copper Analysts Are Most Bearish in Year on Fed Tapering, China
  • Europe Faces Polar Vortex Flip Side as Power Prices Slide
  • U.S. Cattle Herd Shrinking to 63-Year Low Means Record Beef Cost
  • Robusta Coffee Climbs to 5-Mo. High on Possible Roaster Buying
  • Panama’s $5.3 Billion Canal Expansion Has U.S. Ports Jumping
  • Soybean Traders Most Bearish in Four Weeks on Brazil: Survey
  • Teapots Boiling in Texas as Shale Spurs Refining Revival: Energy
  • Mexico Energy Bill May Draw Private Capital for Infrastructure
  • Natural Gas Extends Biggest Decline in More Than Four Years

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