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TODAY’S S&P 500 SET-UP – February 13, 2014


As we look at today's setup for the S&P 500, the range is 108 points or 5.02% downside to 1728 and 0.92% upside to 1836.                                               

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: 2.43 from 2.39
  • VIX closed at 14.3 1 day percent change of -1.45%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Retail Sales Advance m/m, Jan., est. 0.0% (pr 0.2%)
  • 8:30am: Initial Jobless Claims, Feb. 8, est. 330k (pr 331k)
  • 8:45am: Bloomberg Feb. U.S. Economic Survey
  • 9:45am: Bloomberg Consumer Comfort, Feb. 9 (prior -33.1)
  • 10am: Business Inventories, Dec., est, 0.4% (prior 0.4%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change

GOVERNMENT:

    • POSTPONED:Fed Chairman Janet Yellen’s testimony before the Senate Banking Cmte
    • POSTPONED: Senate Health, Education and Labor Cmte hearing on proposals to raise minimum wage

WHAT TO WATCH:

  • Comcast said to agree to buy Time Warner Cable for about $44b
  • Charter said unlikely to match Comcast’s Time Warner Cable bid
  • U.S. to shut Washington offices as snowstorm hits Northeast
  • POSTPONED: Fed Chair Yellen’s testimony to Senate Banking Cmte
  • Royal Mail, Asos, Inter Pipeline, Seiko Epson join MSCI World
  • China said to target export growth at slower pace than 2013
  • Volcker Rule bankers’ lawsuit dropped as regulations revised
  • Merck & Co.’s sale of consumer unit may top $10b, WSJ reports
  • Buffett in talks to exit stake in former Washington Post owner
  • Apple adds Macs assembled in Texas by Flextronics in U.S. push
  • Lenovo projects end to Motorola losses With China phone plan
  • ITC to review Avago decision in Mellanox patent case
  • BNP Paribas profit drops on $1.1b U.S. legal provision
  • Lloyds posts fourth consecutive loss on costs of redress
  • Nestle forecasts sales growth in 2014 near low end of target
  • Rolls-Royce falls after forecasting unchanged profit growth
  • Oil inventories fell most since 1999 on demand in IEA estimate
  • China January auto sales miss estimates as economy slows
  • China Trust assets surge to $1.8 trillion amid default risks
  • Storm causes havoc on U.K. rail as flooding forecast to worsen

AM EARNS:

    • Amtrust Financial Services (AFSI) 7am, $0.78
    • Apache (APA) 8am, $1.80 - Preview
    • Avon Products (AVP) 7:01am, $0.30
    • Barrick Gold (ABX CN) 6:30am, $0.41 - Preview
    • Bombardier (BBD/B CN) 6am, $0.11 - Preview
    • BorgWarner (BWA) 8am, $0.71
    • Bunge (BG) 6:30am, $2.12
    • Burger King Worldwide (BKW) 7am, $0.23
    • Calpine (CPN) 6am, ($0.09)
    • Canadian Tire (CTC/A CN) 7:46am, $2.26
    • Cenovus Energy (CVE CN) 6am, $0.33
    • Diebold (DBD) 8am, $0.58
    • Discovery Communications (DISCA) 7am, $0.90
    • Encana (ECA CN) 6am, $0.18 - Preview
    • EQT (EQT) 7am, $0.68
    • Generac Holdings (GNRC) 5:59am, $0.90
    • GNC Holdings (GNC) 8am, $0.64
    • Goldcorp (G CN) 8am, $0.23 - Preview
    • Goodyear Tire & Rubber (GT) 7:30am, $0.63
    • Great-West Lifeco (GWO CN) 12:44pm, $0.61 - Preview
    • International Flavors & Fragrances (IFF) 7am, $0.91
    • Jarden (JAH) 6:50am, $1.30
    • Louisiana-Pacific (LPX) 8am, $0.05
    • Manulife Financial (MFC CN) 6am, $0.43 - Preview
    • Molson Coors Brewing Co (TAP) 7:30am, $0.72
    • Nielsen Holdings NV (NLSN) 7am, $0.71
    • PBF Energy (PBF) 7am, $0.56 - Preview
    • PepsiCo (PEP) 7am, $1.00 - Preview
    • Precision Drilling (PD CN) 6am, $0.17
    • Realty Income (O) 9:15am, $0.21
    • RioCan Real Estate Investment (REI-U CN) 7am,
    • Sonoco Products Co (SON) 7:30am, $0.58
    • Starwood Hotels & Resorts  (HOT) 6am, $0.70
    • Teck Resources (TCK/B CN) 5am, $0.43 - Preview
    • TELUS (T CN) 8:30am, $0.48 - Preview
    • Vantiv (VNTV) 7am, $0.44
    • WhiteWave Foods (WWAV) 6am, $0.20 - Preview

PM EARNS:

    • Agilent Technologies (A) 4:05pm, $0.66
    • Allison Transmission Holdings (ALSN) 4:01pm, $0.37
    • American International Group (AIG) 4pm, $0.97
    • Brocade Communications Systems (BRCD) 4pm, $0.20
    • Cliffs Natural Resources (CLF) 4:22pm, $0.79
    • Cloud Peak Energy (CLD) 4:10pm, $0.23
    • Ingram Micro (IM) 4:05pm, $0.79
    • Key Energy Services (KEG) 6:18pm, ($0.06)
    • Kraft Foods Group (KRFT) 4pm, $0.61 - Preview
    • Liberty Global PLC (LBTYA) 5:40pm, $0.25
    • Regal Entertainment Group (RGC) 4pm, $0.25
    • Trulia (TRLA) 4:05pm, $0.07 - Preview
    • Weight Watchers International (WTW) 4:05pm, $0.61

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Oil Inventories Fell Most Since 1999 on Demand in IEA Estimate
  • Rice Exports From India Rising to Record as Iran Boosts Reserves
  • WTI Crude Declines From Four-Month High as Gains Seen Excessive
  • Gold Falls in New York After Gains Seen Encouraging Metal Sales
  • Copper Drops as China Said to Target Slower Growth in Exports
  • Rubber Falls a 2nd Day as Stronger Yen, Falling Oil Cut Appeal
  • Soybeans Rise as Supply May Tighten Before South America Harvest
  • Shree Renuka to Buy More Indian Raw Sugar as Exports Subsidized
  • New Smelter Pipeline Threatens Any End to Aluminum Overcapacity
  • Washington Offices to Close as Winter Storm Approaches Northeast
  • Barrick Gold Earnings Trail Estimates as Production Declines
  • U.K. Farmers Contend With Floods as Wheat to Pasture Submerged
  • Coal Burns Bright as Utilities Switch From Gas: Carbon & Climate
  • Palm Rises to Highest This Year on Exports Amid Brazil Dryness

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