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TODAY’S S&P 500 SET-UP – February 19, 2014


As we look at today's setup for the S&P 500, the range is 41 points or 1.83% downside to 1807 and 0.39% 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: 2.39 from 2.41
  • VIX closed at 13.87 1 day percent change of 2.21%

MACRO DATA POINTS (Bloomberg Estimates):

• 7am: MBA Mortgage Applications, Feb. 14, est. -2.0%

• 7:45/8:55am: ICSC/Redbook weekly retail sales

• 8:30am: Bureau of Labor Statistics issues redesigned PPI

• 8:30am: Housing Starts, Jan., est. 950k (prior 999k)

• 11am: Fed to purchase $1b-$1.25b in 2036-2044 sector

• 11:30am: U.S. to sell $32b 4W bills

• 12:15pm: Fed’s Lockhart speaks on economy in Macon, Ga.

• 1pm: Fed’s Bullard speaks in Washington

• 2pm: Fed releases minutes from Jan. 28-29 FOMC Meeting

• 4:30pm: API weekly oil inventories

• 7pm: Fed’s Williams speaks on economy in New York

GOVERNMENT:

    • President Barack Obama holds press conf. with Canadian Prime Minister Stephen Harper, Mexican President Enrique Pena Nieto

WHAT TO WATCH:

  • China cuts Treasury holdings by most since 2011 amid Fed taper
  • Canadian Natural buys some assets of Devon Canada for C$3.13b
  • BlackBerry CEO chides T-Mobile for promoting switch to iPhones
  • Blackstone buys stake in Senator as Hill targets hedge funds
  • Ranbaxy, Teva agree to settle New York antitrust drug Claims
  • Las Vegas Sands says hackers breached co.’s internal drives
  • EBay CEO Donahoe says PayPal is stronger as a unit
  • Fed foreign-bank capital rules positive for insurers: Seiberg
  • Credit Suisse waits for $11b answer in N.Y. fraud suit
  • Verizon Communications to issue 1.27b shrs to Vodafone holders
  • Buffett’s Coca-Cola complacency warning foretells troubled year
  • Mexico to push ahead on broadcast-TV rules after legal decision
  • Tribune sees $325m benefit in public publishing co.: L.A. Times
  • Netflix says Jan. speed dropped 14% on Verizon’s FIOS: WSJ
  • Investment Technology Group may buy Nyfix From ICE: WSJ

AM EARNS:

    • Cimarex Energy (XEC) 6am, $1.41
    • Devon Energy (DVN) 7am, $1.08 - Preview
    • Eaton Vance (EV) 8:35am, $0.59
    • Garmin (GRMN) 7am, $0.62
    • Health Care REIT (HCN) 7:30am, $0.16
    • Hecla Mining (HL) 8am, $0.00
    • Host Hotels & Resorts (HST) 6am, $0.31
    • Lumber Liquidators (LL) 7am, $0.72
    • Medicines Co (MDCO) 7am, $0.12
    • MGM Resorts Intl (MGM) 8am, $(0.01)
    • Navios Maritime (NM) 7:45am, $(0.09)
    • Omnicare (OCR) 7am, $0.90
    • Sherritt Intl (S CN) 7:42am, C$0.01 - Preview
    • Six Flags Entertainment (SIX) 8am, $(0.22)
    • SunEdison (SUNE) 6am, $0.17
    • Wabtec (WAB) 8:10am, $0.79

PM EARNS:

    • Allegion (ALLE) 5pm, $0.59
    • Arris Group (ARRS) 4pm, $0.46
    • Avis Budget Group (CAR) 4:15pm, $0.12
    • Coeur Mining (CDE) 5pm, $(0.18)
    • Concho Resources (CXO) 4:30pm, $0.95
    • Energy Transfer Equity (ETE) 5:10pm, $0.32
    • Energy Transfer Partners (ETP) 5:05pm, $0.58
    • Equinix (EQIX) 4:01pm, $0.79
    • Finning Intl (FTT CN) 4:30pm, C$0.54
    • Goodrich Petroleum (GDP) 4:44pm, $(0.47)
    • HealthSouth (HLS) 4:15pm, $0.42
    • Helix Energy Solutions (HLX) 5:30pm, $0.32
    • HomeAway (AWAY) 4pm, $0.13
    • HudBay Minerals (HBM CN) 5:09pm, C$0.02 - Preview
    • Iamgold (IMG CN) 5:04pm, $0.04
    • Jack in the Box (JACK) 4:01pm, $0.66
    • LifeLock (LOCK) 4:05pm, $0.21
    • Marriott (MAR) 4:30pm, $0.49
    • Millennial Media (MM) 4:05pm, $(0.01)
    • Penn Virginia (PVA) 4:03pm, $(0.03)
    • Questar (STR) 4:10pm, $0.37
    • Safeway (SWY) 4:05pm, $0.48 - Preview
    • Sunoco Logistics Partners (SXL) 4:02pm, $0.65
    • Synopsys (SNPS) 4:05pm, $0.52
    • Tesla Motors (TSLA) 4:01pm, $0.26 - Preview
    • Trinity Industries (TRN) 4:01pm, $1.42
    • Williams (WMB) 4:05pm, $0.21
    • Williams Partners (WPZ) 4:05pm, $0.40

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Mercuria Said in Discussions With China’s SDIC to Sell Stake
  • WTI Oil Rises for Second Day as U.S. Chill Erodes Fuel Supplies
  • Sugar Crop Tumbling to Four-Year Low in India May Cut World Glut
  • Nickel Reaches Three-Week High on Buying to Close Bearish Bets
  • Gold Holds Below 3-Month High as Buying Slows Before Fed Minutes
  • Soybeans Near Two-Month High on U.S. Exports, Brazil Drought
  • Sugar, Coffee Decline After Rally on Brazil Dryness; Cocoa Falls
  • Rebar in Shanghai Advances on Spring Restocking Speculation
  • Commodities Revenue at Top 10 Banks Declined 18% Last Year
  • Rice Rout Seen Extending as Thai Sales Quicken: Southeast Asia
  • Arabica Coffee Climbs 2.8% in New York, Erasing Earlier Decline
  • EU Gas to Extend Bear Market on Mildest Month Since ’08: Energy
  • Australia Freight, Currency Advantage Delivers China’s Iron Ore
  • Natural Gas Rises to Four-Year High as Inventories 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