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TODAY’S S&P 500 SET-UP – February 3, 2014


As we look at today's setup for the S&P 500, the range is 52 points or 1.77% downside to 1751 and 1.14% upside to 1803.                        

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: 2.33 from 2.32
  • VIX closed at 18.41 1 day percent change of 6.48%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:58am: Markit U.S. PMI Final, Jan., est. 53.9
  • 10am: ISM Mfg, Jan., est. 56.1 (prior 57, revised 56.5)
  • 10am: Construction Spending, m/m, Dec., est. 0.2% (prior 1%)

GOVERNMENT:

    • 9am: Treasury Sec. Jack Lew speaks at Bipartisan Policy Center on need for Congress to extend debt ceiling
    • 1:30pm: Reps. Joe Barton, R-Texas; Diana DeGette, D-Colo.; FTC Commissioner Maureen Ohlhausen speak at Congressional Bi-Partisan Privacy Caucus briefing on consumer data breaches
    • 3pm: Senate Banking panel hears from FTC consumer protection director Jessica Rich, American Bankers Assn representative James Reuter on safeguarding consumer data

WHAT TO WATCH:

  • Auto sales for Jan. come out today; SAAR may be 15.7m
  • Jos. A. Bank tells Men’s Wearhouse offer undervalues co.
  • Jos. A. Bank said to pursue Eddie Bauer
  • Smith & Nephew to buy ArthroCare for $1.7b in cash
  • United to drop Cleveland airport hub in $2b savings push
  • China manufacturing gauge at 6-mo. low signals growth easing
  • AT&T cuts family wireless plans $40 in escalating price war
  • Microsoft’s new director said to seek Windows-sales revamp
  • Lenovo said to turn to U.S. security insiders for deal approval
  • Universal’s “Ride Along” tops N.A. weekend box office
  • Euro-area manufacturing expands faster than estimated
  • FTC chief to meet with activists about Herbalife: N.Y. Post
  • SAC Capital to change name, restructure by mid-March: NYT
  • U.S. can’t yet fix enrollment errors in HealthCare.gov: WPost
  • Shell’s Australian assets draw bids over A$3b, AFR report
  • Liberty, Discovery may buy 49% of Formula One from CVC: NY Post

AM EARNS:

    • Sysco (SYY) 8am, $0.40
    • Old National Bancorp (ONB) 9am, $0.25

PM EARNS:

    • Integrated Device Technology (IDTI) 4pm, $0.12
    • Edwards Lifesciences (EW) 4pm, $0.82
    • Anadarko Petroleum (APC) 4pm, $0.90
    • Torchmark (TMK) 4pm, $1.46
    • Prospect Capital (PSEC) 4pm, $0.32
    • Principal Financial Group (PFG) 4pm, $0.94
    • Hologic (HOLX) 4:01pm, $0.31 - Preview
    • Advanced Energy Industries (AEIS) 4:01pm, $0.60
    • American Capital Agency (AGNC) 4:01pm, $0.64
    • General Growth Properties (GGP) 4:01pm, $0.35 - Preview
    • CareFusion (CFN) 4:02pm, $0.54
    • Alexandria Real Estate (ARE) 4:05pm, $1.16
    • Take-Two (TTWO) 4:05pm, $1.42
    • Power Integrations (POWI) 4:05pm, $0.63
    • PartnerRe (PRE) 4:13pm, $2.79
    • Artisan Partners Asset Mgmt (APAM) 4:15pm, $0.76
    • Brown & Brown (BRO) 4:15pm, $0.35
    • Advent Software (ADVS) 4:15pm, $0.30
    • Hartford Financial (HIG) 4:15pm, $0.90
    • Yum! Brands (YUM) 4:15pm, $0.80 - Preview
    • Dun & Bradstreet (DNB) 4:15pm, $2.83
    • Post Properties (PPS) 4:35pm, $0.66
    • BRE Properties (BRE) 4:45pm, $0.65
    • UGI (UGI) 4:45pm, $1.09
    • AmeriGas Partners (APU) 4:45pm, $1.06
    • Kilroy Realty (KRC) 5:02pm, $0.64
    • Crown Holdings (CCK) 5:03pm, $0.50
    • Suncor Energy (SU CN) 10pm, $0.77 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Copper Set for Longest Slump Since 1996 on China Manufacturing
  • WTI Crude Drops a Second Day on Concern Chinese Demand May Slow
  • Perth Mint to U.S. Post Higher January Gold Sales as Price Gains
  • Hedge Funds Raise Gold Bets as Copper Bulls Retreat: Commodities
  • Corn Climbs to Five-Week High on Signs of Demand for U.S. Crop
  • Gold Advances in London as Declining Equity Markets Boost Demand
  • Sugar Extends Gains as Brazil Dry Weather Combines With India
  • Natural Gas Declines a Third Day on Milder U.S. Weather Outlook
  • Speculators Boost Bullish Oil Wagers Most in Six Months: Energy
  • Keystone Foe Steyer Says Flaws in Pipeline Report Require Review
  • Commodity Hedge Fund Run by King, Coleman Gains 9.8% in January
  • CME Settles MF Global Lawsuit for $14.5 Million: Bankruptcy
  • Libya Crude Oil Output More Than Doubled in January: BI Chart
  • Mining’s Dormant $8 Billion of Private Equity Seen Reviving M&A

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