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TODAY’S S&P 500 SET-UP – February 25, 2014


As we look at today's setup for the S&P 500, the range is 37 points or 1.71% downside to 1816 and 0.29% upside to 1853.                            

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 14.23 1 day percent change of -3.07%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am/8:55am: ICSC/Redbook weekly sales
  • 9am: FHFA House Price Index m/m, Dec., est. 0.4% (pr 0.1%)
  • 9am: S&P/CS Home Price Index 20-City m/m, Dec., est. 0.6%
  • 10am: Consumer Confidence Index, Feb., est. 80 (prior 80.7)
  • 10am: Richmond Fed Manuf Index, Feb., est. 5 (prior 12)
  • 10:10am: Fed’s Tarullo speaks in Arlington, Va.
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 10am: Senate Banking Cmte holds hearing on Terrorism Risk Insurance Act
    • 12pm: Breitling Energy CEO Chris Faulkner speaks at Natural Gas Roundtable lunch
    • Obama delivers remarks/holds event on economy at White House, Organizing for Action event in evening

WHAT TO WATCH:

  • JPMorgan holds investor mtg today; may mean shr volatility
  • JPMorgan may announce more mortgage unit job cuts today: FT
  • Boeing said to struggle to sell $1.1b of early 787s
  • Chevron said to be exploring options for U.S. midstream unit
  • Deutsche Telekom seeks WhatsApp alliance after Facebook deal
  • AT&T offers unlimited intl texts to challenge T-Mobile
  • Samsung shows Galaxy S5 reading fingerprints to fight iPhone
  • Credit Suisse said to be faulted by Senate over tax dodgers
  • Softbank said to seek stake in Naver’s Line messaging unit
  • Vivendi 4Q sales trail ests. on mobile price war
  • LinkedIn expands in China with local site limiting content
  • Microsoft CEO moves Larson-Green to software and services role
  • IBM pledges New York job retention a yr after firing workers
  • Mt. Gox Bitcoin exchange goes offline as peers lash out
  • Ukraine delays picking govt. to Feb. 27, acting leader says
  • KKR gets bids of ~$800m for Ipreo from Blackstone, Carlyle: FT

AM EARNS:

    • American Tower (AMT) 7am, $0.47 - Preview
    • ARIAD Pharmaceuticals (ARIA) 7:35am, $(0.46)
    • Bank of Montreal (BMO CN) 6:30am, C$1.52 - Preview
    • Carrizo Oil & Gas (CRZO) 6:30am, $0.37
    • DiamondRock Hospitality Co (DRH) 7:30am, $0.06
    • Fifth & Pacific Cos (FNP) 7:34am, $0.28
    • FirstEnergy (FE) 8:30am, $0.70
    • HollyFrontier (HFC) 7am, $0.21
    • Home Depot (HD) 6am, $0.71 - Preview
    • Macy’s (M) 8am, $2.17 - Preview
    • Office Depot (ODP) 7am, $0.03 - Preview
    • OGE Energy (OGE) 7am, $0.25
    • OGE Energy (OGE) 7am, $0.25
    • Realogy Holdings (RLGY) 6:35am, $0.27
    • Steve Madden (SHOO) 7am, $0.53
    • T-Mobile (TMUS) 7am, $(0.13) - Preview
    • United Therapeutics (UTHR) 6am, $1.50

PM EARNS:

    • Annaly Capital Management (NLY) 4:05pm, $0.26
    • Avago Technologies (AVGO) 4:05pm, $0.79
    • Chicago Bridge & Iron (CBI) 4:01pm, $1.16
    • Dreamworks Animation (DWA) 4:02pm, $0.32
    • Edison International (EIX) 4pm, $0.68
    • EXCO Resources (XCO) 4:01pm, $0.07
    • First Solar (FSLR) 4:02pm, $1.02
    • Jazz Pharmaceuticals Plc (JAZZ) 4:05pm, $1.78
    • Oasis Petroleum (OAS) 4:15pm, $0.63
    • QEP Resources (QEP) 4:05pm, $0.40
    • Questcor Pharmaceuticals (QCOR) 4:01pm, $1.66
    • Range Resources (RRC) 5:01pm, $0.39
    • RR Donnelley & Sons (RRD) 4pm, $0.38
    • SBA Communications (SBAC) 4:01pm, $(0.03)
    • Superior Energy Services (SPN) 4:05pm, $0.31
    • US Silica Holdings (SLCA) 4:30pm, $0.32
    • Verisk Analytics (VRSK) 4:10pm, $0.55
    • Weatherford International (WFT) 4:40pm, $0.07

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Nickel Exceeding $20,000 for Vale on Indonesian Ore Export Ban
  • WTI Crude Falls Amid Rising U.S. Inventories; Brent Declines
  • Almond Drought Boosts India Sweets to Aussie Farms: Commodities
  • Copper Declines for a Second Day as China’s Currency Weakens
  • Gold Trades Near 16-Week High as Ukraine Weighed Against Demand
  • Sugar Extends Gains as Copersucar Cuts Brazil Area Crop Forecast
  • Wheat Holds Near 2-Month High as Cold Leaves Conditions in Focus
  • Sugar Rising to 20 Cents for F.O. Licht as Global Deficit Looms
  • Winter Natural Gas Price Swings Seen Threatening U.S. LNG Edge
  • China Copper Demand to Advance as Much as 7%, Jiangxi’s Wu Says
  • ICE Dumps Pepper in Singapore to Pave Way for Asia Expansion
  • Rolls-Royce Drone Ships Challenge $375 Billion Industry: Freight
  • Global Coal Output Triples Growth Rates of 1980s, 1990s
  • Rebar Drops to Lowest Since 2012 Amid Property Loan Curbs

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