THE HEDGEYE DAILY OUTLOOK

Takeaway: As we look at today's setup for the S&P 500, the range is 43 points or 1.83% downside to 1805 and 0.51% upside to 1848.

TODAY’S S&P 500 SET-UP – February 18, 2014


As we look at today's setup for the S&P 500, the range is 43 points or 1.83% downside to 1805 and 0.51% upside to 1848.               

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: 2.42 from 2.43
  • VIX closed at 13.57 1 day percent change of -4.03%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Empire Manufacturing, Feb., est. 9.00 (prior 12.51)
  • 8:30am: CPI benchmark revisions
  • 9am: Net Long-term TIC Flows, Dec. (prior -$29.3b)
  • 10am: NAHB Housing Market Index, Feb., est. 56 (prior 56)
  • 3:15pm: Fed holds open board meeting on bank supervision

GOVERNMENT:

    • President Obama scheduled to give remarks on the economy
    • Washington Week Ahead

WHAT TO WATCH:

  • Actavis said to near $25b deal to buy Forest Laboratories
  • Starr, Partners buy MultiPlan in purchase said at $4.4b
  • German investor sentiment falls a 2nd month on growth caution
  • China said to plan tighter rules for direct-sales cos.
  • Yahoo seeks to focus on mobile, contextual search
  • Apple to introduce iPhone 6 in 3rd quarter: Economic Daily
  • BOJ boost to lending programs signals room for further easing
  • Car sales in Europe rose a fifth consecutive month in January
  • Shanghai Fosun, TPG to buy hospitals operator Chindex
  • Tyson Foods said to buy Goldman Sachs’s Michael Foods
  • Novartis buys CoStim to boost immunotherapy capability
  • Philip Falcone’s Lightsquared files new reorganization plan
  • Google buys Israeli login-security firm SlickLogin
  • Total, Hellman & Friedman may raise $1b in cryogenics IPO
  • Blackstone said in talks to buy some Encana assets: NY Post
  • Starwood Capital Group said to consider IPO, WSJ reports
  • Fed district chief expects tapering to continue: L.A. Times
  • HP got Autonomy audit reports showing hardware sales: FT
  • Banks review rules on FX traders making bets with own cash: FT
  • Auto union regrouping after losing vote at Volkswagen plant
  • Wanxiang wins Fisker Automotive asset auction with $149m bid
  • China provinces/natl data gap narrows as Xi changes metrics
  • China’s Goldleaf Jewelry to pay $665m for ERG Resources

AM EARNS:

    • Coca-Cola (KO) 7:30am, $0.46 - Preview
    • Cumulus Media (CMLS) 9am, $0.08
    • Dentsply Intl (XRAY) 6:31am, $0.61
    • Diana Shipping (DSX) 7:45am, $(0.06)
    • Duke Energy (DUK) 7am, $0.95
    • Genuine Parts (GPC) 8:49am, $0.91
    • Medtronic (MDT) 7:15am, $0.91
    • NiSource (NI) 6:30am, $0.47
    • Norwegian Cruise Line (NCLH) 6am, $0.18
    • Rona (RON CN) 7am, C$0.10
    • Waste Management (WM) 7:30am, $0.61
    • Wolverine World Wide (WWW) 6:30am, $0.20

PM EARNS:

    • Access Midstream Partners (ACMP) 4:15pm, $0.54
    • Analog Devices (ADI) 4:01pm, $0.49
    • CF Industries (CF) 4:01pm, $4.41
    • Community Health Systems (CYH) 4:15pm, $0.56
    • Fluor (FLR) 4:05pm, $0.98
    • Healthcare Trust of America (HTA) 5:19pm, $0.04
    • Herbalife (HLF) 4:10pm, $1.28
    • KAR Auction Services (KAR) 4:15pm, $0.27
    • La-Z-Boy (LZB) 4:05pm, $0.35
    • MannKind (MNKD) 4pm, $(0.13)
    • Nabors Industries (NBR) 4:01pm, $0.20
    • NPS Pharmaceuticals (NPSP) 4:01pm, $0.03
    • Oceaneering Intl (OII) 5pm, $0.84
    • Panera Bread (PNRA) 4pm, $1.94
    • Photronics (PLAB) 4:30pm, $0.05
    • Retail Properties of America (RPAI) 4:17pm, $0.03
    • SM Energy (SM) 5pm, $1.45
    • Terex (TEX) 4:15pm, $0.49
    • Yamana Gold (YRI CN) 4:20pm, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Arabica Coffee Jumps Most Since 2004 After Brazil’s Dry Weather
  • Vitol Says Brent Oil Benchmark Needs African Fix as Output Drops
  • Top Gold Forecasters Still Bearish After 2014 Rally: Commodities
  • BHP Joins Rio Tinto in Seeing Iron Ore Price Dropping on Supply
  • Gold Drops From 3-Month High as Buying Seen Deterred After Rally
  • WTI Oil Rises Amid Speculation U.S. Snowfall Will Bolster Demand
  • Copper Declines as Top User China’s Central Bank Drains Funds
  • Corn Rises to 4-Month High as Brazil’s Dry Weather May Hurt Crop
  • Iraq Grain Board to Meet Thai Officials Soon on Rice Import Ban
  • China Steel Demand Poised to Plunge as PMIs, Indexes Show Slump
  • Gold Demand in Japan Tripled Amid Abenomics as Prices Slumped
  • Snow Snarls Travel as Another Storm Strikes U.S. Northeast
  • Iron Ore Bests Metals as Prices Have Gone Nowhere Since 1913
  • Rusal Sees Least Output in at Least 8 Years as Smelters Shut

THE HEDGEYE DAILY OUTLOOK - 5

 

CURRENCIES


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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 7

ASIAN MARKETS

 

THE HEDGEYE DAILY OUTLOOK - 8

MIDDLE EAST

 

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The Hedgeye Macro Team