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TODAY’S S&P 500 SET-UP – February 11, 2014


As we look at today's setup for the S&P 500, the range is 80 points or 3.66% downside to 1734 and 0.79% upside to 1814.                                                

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: 2.37 from 2.36
  • VIX  closed at 15.26 1 day percent change of -0.20%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:30am: NFIB Sm. Biz Optimism, Jan., est. 93.5 (prior 93.9)
  • 7:45am/8:55am: ICSC/Redbook weekly retail sales
  • 9am: Fed’s Plosser speaks in Del.
  • 10am: JOLTs Job Openings, Dec. (prior 4.001m)
  • 10am: Wholesale Inventories m/m, Dec., est. 0.5% (pr 0.5%)
  • 10am: Fed’s Yellen testifies to House Fin. Services Cmte
  • 4:30pm: API weekly oil inventories
  • 8pm: Fed’s Lacker speaks at Stanford University
  • 8pm: Fed’s Fisher speaks in Dallas

GOVERNMENT:

    • 9am: Obama and Hollande hold state arrival ceremony, 9am; State dinner begins 8:30pm
    • 10:15am House Ways and Means Committee marks up H.R. 3865 which would delay IRS rules on 501(c)(4) organizations
    • 10:30am Senate Budget Cmte hears from CBO Director Douglas Elmendorf on economic outlook through 2024
    • House Republicans plan Feb. 12 vote to boost debt limit until March 2015, restore cost-of-living raises for military retirees

WHAT TO WATCH:

  • Fed’s Yellen testifies to House Financial Services Cmte
  • KKR to close two funds targeting individual investors
  • Obamacare delayed until 2016 for businesses w/ <100 workers
  • Ackman sells General Growth shrs to exit holding in mall owner
  • Barclays to cut up to 12,000 jobs as 4Q profit falls
  • L’Oreal to pay $8.2b to buy back 8% of its stock from Nestle
  • Blankfein says EMs in better position than during 1998 crisis
  • SEC majority wants to review exchanges’ oversight status
  • GM’s China sales rise 12% to record in January on Buick demand
  • General Motors to invest 1.5b Zloty in Polish plant: Dziennik
  • Porsche to exceed 200,000 in deliveries in 2015 on Macan
  • Wall St. vets may be removed from arbitration panels: Reuters
  • North Carolina agency may delay own deal with Duke Energy: AP
  • Virgin America said to pick Barclays, Deutsche for IPO: FT
  • Glencore Xstrata’s 4Q copper output increases 32%
  • China auditors plan to file appeal of 6-month U.S. ban

AM EARNS:

    • CAE (CAE CN) 8:22am, C$0.18
    • CVS Caremark (CVS) 7am, $1.11 - Preview
    • Dean Foods Co (DF) 7:01am, $0.18
    • Entergy (ETR) 7am, $0.83
    • HCP (HCP) 8am, $0.56
    • Health Net/CA (HNT) 8:15am, $0.29
    • Henry Schein (HSIC) 7am, $1.40
    • Huntsman (HUN) 6am, $0.37
    • Ingersoll-Rand PLC (IR) 7am, $0.61
    • IntercontinentalExchange Group (ICE) 7:30am, $1.95
    • LPL Financial Holdings (LPLA) 6:05am, $0.59
    • Marsh & McLennan Cos (MMC) 7am, $0.56
    • Mosaic (MOS) 7am, $0.43
    • National Retail Properties (NNN) 8:30am, $0.28
    • Omnicom Group (OMC) 7am, $1.14 -
    • PG&E (PCG) 9:02am, $0.42
    • Regeneron Pharmaceuticals (REGN) 6:30am, $2.09 - Preview
    • Reynolds American (RAI) 6:58am, $0.80 - Preview
    • Sprint (S) 7am, ($0.36)
    • Zoetis (ZTS) 7am, $0.34

PM EARNS:

    • Arch Capital Group (ACGL) 4:01pm, $0.96
    • Brookfield Residential Properties (BRP CN) 4:09am, C$0.84
    • CNO Financial Group (CNO) 4:03pm, $0.29
    • Conversant (CNVR) 4:02pm, $0.57
    • Covanta Holding (CVA) 4:01pm, $0.22
    • DaVita HealthCare Partners (DVA) 4:01pm, $0.98
    • Energen (EGN) 4:30pm, $0.82
    • FireEye (FEYE) 4:05pm, ($0.37)
    • Fossil Group (FOSL) 4:01pm, $2.43
    • Packaging of America (PKG) 5pm, $0.89
    • PHH (PHH) 4:03pm, $0.08
    • Sangamo Biosciences (SGMO) 4pm, ($0.11)
    • Seattle Genetics (SGEN) 4:05pm, ($0.24) - Preview
    • Service International (SCI) 4:05pm, $0.24
    • Trimble Navigation (TRMB) 4:05pm, $0.37
    • TripAdvisor (TRIP) 4pm, $0.21
    • Western Union Co (WU) 4:01pm, $0.32
    • Willis Group Holdings PLC (WSH) 4:41pm, $0.49

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Natural Gas Rebounds From Three-Week Low on U.S. Winter Storm
  • Gold Advances to Highest Price Since November as Dollar Weakens
  • Rhodium Bust Ending as Car Sales Fuel Mine Deficit: Commodities
  • Sugar Traders Split as Brazil Dryness Weighed Against Surpluses
  • Aluminum Trades Near a One-Week High Before Yellen Testimony
  • Rebar Touches 17-Month Low as Inventory Gains After Holiday
  • Soybeans Extend Losses After USDA Raises Global Supply Outlook
  • China Eyes Poultry Consolidation as Bird Flu Cuts Consumption
  • Wheat Crop Seen Third-Biggest by Australia on Western Supply
  • California Wildfires Erupt Early in Risk to Homes and Vineyards
  • Transnet Fights BHP to Win Coal Port Access for Black Miners
  • Strong Chinese Steel Demand May Fail to Absorb Iron Ore Glut
  • Chinese Coal Firms’ Debt Concerns Sink Shares: Chart of the Day
  • WTI Trades Near Six-Week High as U.S. Fuel Supplies Seen Falling

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