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TODAY’S S&P 500 SET-UP – February 5, 2014


As we look at today's setup for the S&P 500, the range is 47 points or 1.15% downside to 1735 and 1.53% upside to 1782.                       

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: 2.31 from 2.32
  • VIX  closed at 19.11 1 day percent change of -10.87%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Jan. 31 (prior -0.2%)
  • 8:15am: ADP Employment Change, Jan., est. 187k (prior 238k)
  • 10am: ISM Non-Mfg Composite, Jan., est. 53.7 (prior 53)
  • 10am: Fed’s Tarullo testifies on Volcker Rule to House Financial Services Committee
  • 12:30pm: Fed’s Plosser speaks in Rochester, N.Y.
  • 1:40pm: Fed’s Lockhart speaks in Birmingham, Ala.

GOVERNMENT:

    • 9:30am: House Energy and Commerce panel meets on protecting consumer data, with Neiman Marcus and Target executives and FTC Chairwoman Edith Ramirez
    • 9:30am: House Ways and Means panel hears from IRS Commissioner John Koskinen on issues including agency’s targeting of some tax-exempt organizations
    • 10am: House Financial Services Cmte meets on Volcker Rule, with witnesses from Fed, SEC, FDIC, CFTC
    • 10am: House Budget Cmte hears from CBO Director Doug Elmendorf on economic outlook
    • 2pm: House Financial Services panel holds hearing on annual report from Office of Financial Research

WHAT TO WATCH:

  • JPMorgan joins Morgan Stanley in settling U.S. mortgage suits
  • Sony said in talks to sell Japan PC unit to investor group
  • Apple joins Google in pressing high court to curb patent abuse
  • Gilead profit tops analysts’ ests. on Hepatitis C drug sales
  • 2nd storm strikes Northeast grounding planes, closing schools
  • Eurozone Dec. retail sales down 1.6% m/m; est. down 0.7% m/m
  • ICAP says rev. slipped 6% in final 3 mos. of 2013
  • AIG asks for delay in $8.5b Bank of America settlement
  • Sands leads Macau casino slump as Jan. rev. growth slowed
  • Goldcorp to delay buying shares in Osisko until judgment
  • Panasonic jumps most since 1974 after profit beats estimates
  • Swatch 2013 profit rises 17% on compensation from Tiffany
  • Dutch lender Rabobank said to consider sale of U.S. retail bank
  • Volcker Rule unity is implementation goal of interagency group
  • Buffett Railroad’s $5b investment plan tops Union Pacific
  • Blavatnik sued for $2b over TNK energy venture’s sale
  • "House of Cards" maker MRC said to get Guggenheim as owner
  • CtW presses Yahoo to revise hiring, compensation, WSJ reports
  • Goldman Sachs, Texas Pacific consider IPO for Ontex, Tijd says

AM EARNS:

    • Allergan (AGN) 9am, $1.34 - Preview
    • Arrow Electronics (ARW) 8am, $1.62
    • Automatic Data Processing (ADP) 7:30am, $0.77
    • Brookfield Infrastructure (BIP) 7:30am, $0.35
    • Coca-Cola Enterprises (CCE) 7:30am, $0.52
    • Cognizant Technology (CTSH) 6am, $1.15 - Preview
    • Estee Lauder (EL) 7:30am, $1.06 - Preview
    • Humana (HUM) 6am, $0.92
    • Intact Financial (IFC CN) 6am, C$1.21
    • Lazard (LAZ) 7am, $0.60
    • Level 3 Communications (LVLT) 8am, $0.13
    • Magellan Midstream (MMP) 8:02am, $0.82
    • Merck (MRK) 7am, $0.89 - Preview
    • Nasdaq OMX (NDAQ) 7am, $0.67
    • Radian Group (RDN) 7am, $0.02
    • Ralph Lauren (RL) 8:01am, $2.51 - Preview
    • Time Warner (TWX) 7am, $1.15 - Preview

PM EARNS:

    • Akamai Technologies (AKAM) 4:01pm, $0.52
    • Allstate (ALL) 4:05pm, $1.37
    • Atmel (ATML) 4:05pm, $0.10
    • CBRE Group (CBG) 4:05pm, $0.66
    • Cincinnati Financial (CINF) 4:05pm, $0.73
    • Credicorp (BAP) 6pm, $2.33
    • Everest Re Group (RE) 4:05pm, $5.06
    • Fiserv (FISV) 4:01pm, $0.81
    • FleetCor Technologies (FLT) 4:01pm, $1.06
    • FMC (FMC) 4:30pm, $0.92
    • Green Mountain Coffee Roasters (GMCR) 4pm, $0.90
    • IAC (IACI) 4:05pm, $0.91
    • Kimco Realty (KIM) 4:01pm, $0.13
    • Lincoln National (LNC) 4:10pm, $1.28
    • Marathon Oil (MRO) 4:03pm, $0.71
    • NXP Semiconductor (NXPI) 8pm, $0.95
    • O’Reilly Automotive (ORLY) 6:30pm, $1.32
    • Pandora Media (P) 4:01pm, $0.07
    • Plains All American Pipeline (PAA) 4:05pm, $0.70
    • Prudential Financial (PRU) 4:07pm, $2.23
    • SolarWinds (SWI) 4pm, $0.34
    • Standard Pacific (SPF) 4:02pm, $0.14
    • Stericycle (SRCL) 4:02pm, $0.96
    • Tesoro (TSO) 4:40pm, $0.31
    • TriQuint Semiconductor (TQNT) 4:02pm, $0.13
    • Twitter (TWTR) Aft-Mkt, $(0.02) - Preview
    • Walt Disney (DIS) 4:15pm, $0.91 - Preview
    • XL Group (XL) 4:01pm, $0.82
    • Yelp (YELP) 4pm, $(0.03)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Rises a Second Day as U.S. Freeze Seen Curbing Fuel Supplies
  • Mitsui Mining Boosts Zinc Fee 70% as China Consumption Rises
  • Sugar Prices Post Longest Rally in Five Months on Supply Concern
  • Rubber Seen Needing Further 20% Drop to Drain Global Stockpiles
  • Korean Coffee Lovers Luring Brazilian Arabica Sales: Commodities
  • Wheat Slides Amid Speculation Snow Cover Will Shield U.S. Crop
  • Gold Gains as Investors Weigh Economy Concerns, Physical Demand
  • Natural Gas Retreats After Gains; CME Raises Margins for Trading
  • NYSE Liffe Said to Review Cocoa, Coffee Trade as Prices Diverge
  • India Said to Consider 75% Increase in Sugar Export Subsidy
  • French Refiners Lost 700 Million Euros in 2013 as Margins Shrank
  • Rubber Declines to 17-Month Low Amid Chinese Demand Concerns
  • Copper Smelters Win Amid Mine Production Glut: Chart of the Day
  • Zinc Rebounds From Longest Slump in 25 Years on Supply Outlook

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