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TODAY’S S&P 500 SET-UP – February 24, 2014


As we look at today's setup for the S&P 500, the range is 45 points or 1.81% downside to 1803 and 0.64% 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 2.42
  • VIX closed at 14.68 1 day percent change of -0.74%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Natl Act. Index, Jan. est. -0.2
  • 10:30am: Dallas Fed Mfg Index, Feb. est. 3.4 (prior 3.8)
  • 11am: Fed to purchase $2.5b-$3b in 2019-2021 sector
  • 11:30am: U.S. to sell $50b 3M bills, $25b 6M bills

GOVERNMENT:

    • House, Senate in session
    • 8am: Congressional Budget Office Director Douglas Elmendorf speaks on fiscal policy at National Assn of Business Economics annual policy conf.
    • 10:30am: Obama holds formal business, legislative meeting with National Governors Assn.
    • Obama administration goes before Supreme Court, which will decide whether EPA misused authority from climate-change rules by imposing permit requirements on power plants, factories
    • Bloomberg Link Energy 2020 event, “States and Businesses Leading Innovation,” with remarks from GE CEO Jeffrey Immelt, Govs. Jack Dalrymple, R-N.D., John Hickenlooper, D-Colo.

WHAT TO WATCH:

  • Chesapeake considering sale or spinoff of oilfield service unit
  • UBS said to seek immunity in EU, U.S. currency-rig probes
  • Mobile World Congress begins amid new breed of mobile ads
  • Microsoft targets global Internet growth w/ cheaper phones
  • Nokia unveils handsets for first-time Internet users
  • Nokia seeks broader Juniper sales alliance, smaller deals
  • JPMorgan holds investor day, often source of shr volatility
  • Netflix said to agree to pay Comcast for broadband access
  • Cerberus said to be lead Safeway bidder after mos. of talks
  • Ford said to drop Microsoft for BlackBerry QNX in sync units
  • WhatsApp apologizes for server outage on Saturday
  • Qualcomm unveils new phone chips to fend off INTC, BRCM
  • Facebook, Instagram may ban social-media gun sales: Forbes
  • Cinven said near deal to buy Medpace from CCMP for $900m
  • China minimizes dangers as Zhou sees 7% to 8% growth
  • China Communists said to demand data in yuan
  • Ukraine sees $35b aid need as Yanukovych warrant issued
  • Venezuela opposition agrees to talks as unrest rocks Caracas
  • HSBC’s full-year profit misses estimates on cost reductions
  • Euro-area Jan. consumer prices rise more than first estimated
  • German business confidence climbs to 2 1/2-yr high
  • Las Vegas Sands ready to invest $10b in Japan casino
  • IBM boosts investment in new cloud services

AM EARNS:

    • Armstrong World (AWI) 7am, $0.41
    • El Paso Electric (EE) 7am, $0.11
    • Kosmos Energy (KOS) 7:30am, $0.02
    • Palo Alto Networks (PANW), TBD, $0.09
    • Scorpio Tankers (STNG) 7:56am, $0.02

PM EARNS:

    • Allied Nevada (ANV CN) 4:35pm, $0.04
    • Approach Resources (AREX) 5:05pm, $0.17
    • Chemtura (CHMT) 4:43pm, $0.11
    • Digital Realty Trust (DLR) 5:15pm, $1.14
    • EOG Resources (EOG) 5:11pm, $1.93
    • Ferro (FOE) 4:35pm, $0.06
    • Frontier Communications (FTR) 4:01pm, $0.06
    • GT Advanced Technologies (GTAT) 4:15pm, $(0.35)
    • Live Nation Entertainment (LYV) 4:03pm, $(0.39)
    • Natl Bank of Canada (NA CN) 6pm, C$1.05 - Preview
    • Oneok (OKE) 4:05pm, $0.53
    • Rosetta Resources (ROSE) 4:15pm, $0.78
    • Sina (SINA) 4:41pm, $0.46
    • SolarCity (SCTY) 4:02pm, $(0.55)
    • Stone Energy (SGY) 4:03pm, $0.56
    • Tenet Healthcare (THC) 5:10pm, $0.32
    • Texas Roadhouse (TXRH) 4pm, $0.24
    • Vivus (VVUS) 4pm, $(0.33)
    • Volcano (VOLC) 4:05pm, $(0.24)
    • Vornado Realty Trust (VNO) 4:52pm, $(0.29)
    • XPO Logistics (XPO) 4:06pm, $(0.31)
    • Zulily (ZU) After-Mkt, $0.04

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI, Brent Crudes Erase Gains on Emerging Market Demand Concern
  • Ecom Suspended by Ivorian Cocoa-Coffee Regulator in Auctions
  • Gold to Coffee Drive Bullish Bets to 17-Month High: Commodities
  • Copper Falls Most in a Month on China Real-Estate Lending Curb
  • Corn Extends Decline as Record U.S. Harvest Seen Boosting Supply
  • Gold Climbs to 16-Week High as U.S. Data Adds to Haven Demand
  • Natural Gas Futures Jump to 5-Year High on Outlook for More Cold
  • Dry Bulk Capacity Absorbed by Australia, Brazil Iron Ore Exports
  • Palm Oil Declines as Prices at 17-Month High Encourage Selling
  • Pilots Do Texas Chicken as Houston Channel Chokes on Oil Traffic
  • Tokyo Rubber Follows Shanghai Lower Amid China Property Concerns
  • Hedge Fund Natural Gas Wagers Jump on Tumbling Supplies: Energy
  • Sugar Bonds at 13 Cents Draw in Bargain Hunters: Brazil Credit
  • Polar Vortex to Bring More Snow on Return to U.S. This Week

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