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