THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – February 21, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.56% downside to 1811 and 0.45% upside to 1848.                                         

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.44 from 2.43
  • VIX closed at 14.79 1 day percent change of -4.58%

MACRO DATA POINTS (Bloomberg Estimates):

  • 10am: Existing Home Sales benchmark revisions
  • 10am: Existing Home Sales, Jan., est. 4.68m (prior 4.87m)
  • 10am: Existing Home Sales m/m, Jan., est. -3.9% (prior 1%)
  • 1pm: Baker Hughes rig count
  • 1:10pm: Fed’s Bullard speaks on economy in St. Louis, Mo.
  • 1:45pm: Fed’s Fisher speaks in Austin, Texas

GOVERNMENT:

    • 8am: Govs. Peter Shumlin, D-Vt.; Bill Haslam, R-Tenn., Jay Nixon, D-Mo.; Sam Brownback, R-Kan.; speak at Microsoft, Politico State Solutions Conference
    • 8:45am SEC Chair Mary Jo White  keynote at Practicing Law Institute conf.

WHAT TO WATCH:

  • G-20 to push growth as stimulus withdrawal backed, draft shows
  • Verizon sale cuts Vodafone’s value by half to $100b
  • NYSE joins funds seeking to end “maker-taker” trading rebates
  • High-speed traders lose direct access to Buffett’s Bus. Wire
  • Ukraine to sign accord to end crisis after deadliest protests
  • Ukraine default likely as political crisis deepens: S&P
  • WhatsApp free texting seen siphoning $33b from carriers
  • Proposed FY15 Medicare Adv rates may be released today: BI
  • RBS to shrink investment banking with 30,000 job cuts: FT
  • DuPont seed deliveries slowed as Ukraine violence increases
  • Dimon won’t face another investor vote on his 2 JPMorgan roles
  • Bitcoin offer prices slump on Mt.Gox as withdrawals suspended
  • Energy Future may split up, seeks two $4b loans for units: WSJ
  • Ford aims to sell more than 1m vehicles in China: WSJ
  • Valeo 2H earns rise on car demand in China, North America
  • Gucci posts slowest sales growth in 4 years amid tourism lull
  • Teva, Takeda, Merck may receive EMA opinions today
  • U.S. Treasuries remain good investment choice for China: Daily
  • U.S. GDP, G-20, Italy’s New Leader: Week Ahead Feb. 22-March 1

EARNINGS:

    • Ameren (AEE) 7:50am, $0.13
    • Barnes Group (B)  6:30am, $0.52
    • Boise Cascade (BCC)  8:45am, $0.19
    • Charter Communications (CHTR)  8am, $0.13
    • Dish Network (DISH)  6am, $0.41 - Preview
    • Donaldson (DCI)  7am, $0.45
    • EchoStar (SATS)  6am, ($0.08)
    • Ecolab (ECL) 8:20am, $1.05
    • Eldorado Gold (ELD CN)  7am, $0.36
    • Enerplus (ERF CN)  6am, $0.10 - Preview
    • First Capital Realty (FCR CN)  7am, C$0.05
    • Pinnacle West Capital (PNW)  8:30am, $0.19
    • Starz (STRZA) 7:30am, $0.45

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Set for Weekly Gain on U.S. Cold; Brent Poised for Advance
  • Gold Holds Below 15-Week High as Fed Cuts Weighed Against Data
  • Soybeans Steady Near Five-Month High After USDA Planting Outlook
  • Natural Gas Nears Biggest Weekly Gain Since 2010 as Cold Returns
  • China LNG Imports Rise to Record for Second Month on New Plants
  • Brazil Coffee Growers Seen Making ‘Big’ Sales as Futures Rally
  • China’s Corn Imports Drop as Inspectors Reject GMO-Tainted Grain
  • Coffee, Sugar Rebound as Funds Buying on Brazil Dryness Concerns
  • Gold Traders Split as Fed Stimulus Weighed Against Weaker Data
  • Rusal Sees Aluminum Deficit Driving Delivery Premium to 50%
  • Vicious Cycle Seen as Ore Pile Evokes Steel Bust: China Credit
  • Noble’s 15-Year, $500 Million Gas Deal Affirms Export Market
  • Iron Ore Sentiment Is Again Bearish as China Decline on Horizon
  • U.S. Soybean Inventories Seen Rising in 2015 on Record Crop

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CURRENCIES

 

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GLOBAL PERFORMANCE

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team