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TODAY’S S&P 500 SET-UP – February 12, 2014


As we look at today's setup for the S&P 500, the range is 98 points or 4.93% downside to 1730 and 0.45% upside to 1828.                                       

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: 2.41 from 2.36
  • VIX  closed at 14.51 1 day percent change of -4.91%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, Feb. 7 (prior 0.4%)
  • 8:45am: Fed’s Bullard speaks in New York
  • 10am: New York Fed issues small business credit survey
  • 10:30am: ECB’s Draghi speaks in Brussels
  • 10:30am: DOE Energy Inventories
  • 2pm: Monthly Budget Statement, Jan., est. -$10b (pr +$2.9b)

GOVERNMENT:

    • Senate may consider legislation to extend debt ceiling following House passage yday
    • 9am: Treasury Dept meeting of Financial Literacy and Education Commission, with Sec. Jack Lew, Delaware Gov. Jack Markell, CFPB Director Richard Cordray
    • 9am: CFTC’s Division of Market Oversight public roundtable on application of Commodity Exchange Act’s trade execution requirement to so-called “package transactions”
    • 10am: Senate Health, Education, Labor and Pensions Cmte Chairman Tom Harkin, D-Iowa, holds news conference to reveal the results of a “Seclusion and Restraints Report”
    • 1pm: Intl Trade Commission begins 2-day public hearing on India’s trade, investment, industrial policies
    • 2:30pm: Senate Energy panel hearing to consider lessons for federal policy from state efficiency and renewable programs

WHAT TO WATCH:

  • House passes measure suspending debt limit until March 2015
  • Fed seen easing capital requirement for smaller foreign banks
  • N.Y. Fed awards primary dealership to Toronto-Dominion Bank
  • China’s exports unexpectedly accelerate as imports increase
  • Ford China says Jan. sales up 53% vs yr earlier
  • Ashland water-chemicals unit said to get 3 bids by deadline
  • MSCI to announce quarterly index rebalancing post-mkt
  • Imerys to buy Amcol for $1.6b to add industrial clays
  • SocGen profit exceeds estimates on consumer banking
  • ING 4Q profit beats ests. as banking unit earnings climb
  • Toyota recalls 1.9m Prius worldwide for software update
  • Pimco boosts government holdings as bonds gain most since 2008
  • SoftBank profit beats ests. as iPhone spurs customer growth
  • Las Vegas Sands sites hacked as posts criticize Adelson
  • Wm Morrison founding family said to sound out buyout firms
  • Reckitt Benckiser sees slowdown as emerging markets weaken
  • Total’s quarterly profit drops as refining margins narrow
  • China’s crude imports surge to record high on stockpiling

AM EARNS:

    • Air Canada (AC/B CN) 6am, C$0.11 - Preview
    • AllianceBernstein (AB) 7:15am, $0.43
    • Alpha Natural Resources (ANR) 7am, $(0.63) - Preview
    • BGC Partners (BGCP) 8am, $0.11
    • Deere & Co (DE) 7am, $1.53 - Preview
    • Dr Pepper Snapple (DPS) 8am, $0.84 - Preview
    • EZchip Semiconductor (EZCH) 8am, $0.33
    • Hospira (HSP) 7:30am, $0.50 - Preview
    • Husky Energy (HSE CN) 7am, C$0.38 - Preview
    • Incyte (INCY) 7am, $(0.13)
    • ING US (VOYA) 5:50am, $0.69
    • Lorillard (LO) 7am, $0.85
    • Owens Corning (OC) 7:28am, $0.27
    • Pinnacle Entertainment (PNK) 8am, $0.34
    • Rogers Communications (RCI/B CN) 6:50am, C$0.74 - Preview
    • Sinclair Broadcast (SBGI) 7:30am, $0.43
    • SPX (SPW) 6:30am, $1.82
    • Thomson Reuters (TRI CN) 7am, $0.52
    • Valspar (VAL) 7:30am, $0.66
    • Vonage Holdings (VG) 8am, $0.03

PM EARNS:

    • Agnico Eagle Mines (AEM CN) 5pm, $0.20 - Preview
    • American Equity Investment (AEL) 4pm, $0.50
    • Angie’s List (ANGI) 4:05pm, $0.13
    • Applied Materials (AMAT) 4:02pm, $0.22 - Preview
    • CBS (CBS) 4:01pm, $0.76 - Preview
    • CenturyLink (CTL) 4:07pm, $0.59
    • Cheesecake Factory (CAKE) 4:15pm, $0.59
    • Cisco Systems (CSCO) 4:05pm, $0.46 - Preview
    • Corrections of America (CXW) 4:15pm, $0.41
    • Fidelity National Financial (FNF) 4:03pm, $0.35
    • Intrepid Potash (IPI) 4:05pm, $0.01
    • Kinross Gold (K CN) 5pm, $0.03 - Preview
    • MetLife (MET) 4:05pm, $1.29
    • Mondelez Intl (MDLZ) 4:02pm, $0.44
    • NetApp (NTAP) 4:01pm, $0.71
    • NetEase (NTES) 6pm, $1.42
    • NVIDIA (NVDA) 4:20pm, $0.24
    • Regency Centers (REG) 4:30pm, $0.17
    • Rovi (ROVI) 4:05pm, $0.57
    • Ruckus Wireless (RKUS) 4:05pm, $0.05
    • Sun Life Financial (SLF CN) 5:10pm, C$0.69
    • SunPower (SPWR) 4:05pm, $0.28
    • TAL International (TAL) 5:01pm, $1.00
    • Taubman Centers (TCO) 4:01pm, $0.70
    • Whole Foods Market (WFM) 4:03pm, $0.44 - Preview
    • Zillow (Z) 4:30pm, $0.07 - Preview

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Natural Gas Rises for Second Day on Outlook for Inventory Drop
  • Rice Tumbling as Thailand’s Unpaid Farmers Demand Stockpile Sale
  • Soy Switch on U.S. Corn Farms Expanding World Glut: Commodities
  • Copper Advances as Imports of Metal Into China Jump to Record
  • Gold Falls From 3-Month High on Stocks as Advance Curbs Demand
  • Credit Curbs Help Fuel Record Chinese Imports From Copper to Ore
  • LME Aluminum Benchmark Challenged as CME Plans New Contract
  • Rubber Exporters in Thailand to Avoid Selling Below Output Cost
  • Corn Slides a Third Day Amid Expectations for Record World Crop
  • Glencore Joins Trafigura Cutting LME Warehouses Before New Rules
  • Gasoline Profit Seen Gaining in U.S. as Refineries Shut: Energy
  • Storm Bringing Ice to Atlanta as Northeastern U.S. Faces Snow
  • China Eating 50% of Global Pork May Spur Industry Consolidation
  • WTI Rises to 7-Week High as Distillate Supplies Drop Amid Freeze

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