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