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
EQUITY SENTIMENT:
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
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team