TODAY’S S&P 500 SET-UP – February 27, 2014
As we look at today's setup for the S&P 500, the range is 27 points or 1.09% downside to 1825 and 0.37% upside to 1852.
SECTOR PERFORMANCE
EQUITY SENTIMENT:
CREDIT/ECONOMIC MARKET LOOK:
- YIELD CURVE: 2.33 from 2.34
- VIX closed at 14.35 1 day percent change of 4.97%
MACRO DATA POINTS (Bloomberg Estimates):
- 8:30am: Durable Goods, Jan., est -1.6% (pr -4.3%, rev -4.2%)
- 8:30am: Init Jobless Claims, Feb. 22, est. 335k (prior 336k)
- 9:45am: Bloomberg Consumer Comfort, Feb. 23 (prior -30.6)
- 10am: Fed’s Yellen testifies to Senate Banking Committee
- 10am: Freddie Mac mortgage rates
- 10:30am: EIA natural-gas storage change
- 10:30am: Fed’s Fisher speaks in Frankfurt
- 11am: Kansas City Fed Mfg Activity, Feb., est. 2 (prior 5)
- 1:30pm: ECB’s Draghi speaks in Frankfurt
- 3:15pm: Fed’s Lockhart and George speak in Atlanta
GOVERNMENT:
- 9:30am: House Oversight panel holds hearing on IRS examinations of political speech by tax-exempt groups
- 10am: Senate Banking Cmte hears from Fed Chair Yellen on semiannual monetary report to Congress
- 10am: House Transportation and Infrastructure panel meets on “Improving the Nation’s Highway Freight Network”
WHAT TO WATCH:
- Janet Yellen to testify before Senate Banking Committee
- Sony job cuts to include a third of electronics unit workers
- Baidu 1Q revenue forecast tops estimate as 4Q beats
- Williams Partners to buy Williams Canada assets for $1.2b
- JPMorgan sees March bid for Global Special Opportunities: WSJ
- J.C. Penney gains as sales forecast signals turnaround momentum
- KKR said to seek Abril Educacao deal avoiding $1b buyout
- Imerys tops Minerals Technologies bid for clay-supplier Amcol
- Bitcoin Foundation aided New York prosecutor’s Mt. Gox probe
- U.S. cos. seen making exchange plans to trade Bitcoin: WSJ
- Google fights e-mail privacy group lawsuit calling it too big
- Musk’s $5b Tesla gigafactory may unleash incentive fray
- Gunmen take Ukraine’s Crimea parliament, raise Russian flag
- German unemployment falls for 3rd month as growth picks up
- Eurozone Feb. economic confidence rises to 101.2; est. 100.7
- RBS posts biggest loss since 2008 as McEwan details overhaul
- WPP falls most in 4 yrs as exchange rates hurt margins
- Financing for Jos. A. Bank’s Bauer deal delayed by Goldman: WSJ
AM EARNS:
- American Realty Capital (ARCP) 6am, $0.27
- Best Buy (BBY) 7am, $1.01 - Preview
- Chico’s (CHS) 7:15am, $0.16
- Cobalt International Energy (CIE) 7am, $(0.16)
- Federal Home Loan Mortgage (FMCC) 8am, $0.73
- Fortress Investment Group (FIG) 7am, $0.19
- GrafTech Intl (GTI) 7:10am, $0.03
- Hilton (HLT) Bef-Mkt, $0.16
- Kohl’s (KSS) 7am, $1.54 - Preview
- Lamar Advertising (LAMR) 6am, $0.16
- Linn Energy (LINE) 6:50am, $0.26
- LinnCo (LNCO) 6:50am, $0.50
- LKQ (LKQ) 7am, $0.28
- Mylan (MYL) 6:30am, $0.75 - Preview
- Nationstar Mortgage (NSM) 6am, $(0.19)
- NorthStar Realty Finance (NRF) 7:30am, $0.29
- Ocwen Financial (OCN) 7:30am, $1
- Pall (PLL) 7am, $0.80
- Rowan Cos (RDC) 8am, $0.41
- Sarepta Therapeutics (SRPT) 7am, $(0.70)
- Sears Holdings (SHLD) 6am, $(1.82)
- Sempra Energy (SRE) 9am, $0.97
- Toronto-Dominion (TD CN) 6:30am, C$1.04 - Preview
- Valeant Pharaceuticals (VRX) 6am, $2.06 - Preview
- Wendy’s (WEN) 7:30am, $0.10
- Western Refining (WNR) 6am, $0.56
- Windstream (WIN) 6:15am, $0.09
- WPX Energy (WPX) 7am, $(0.35)
- Zale (ZLC) 7:30am, $1.04
PM EARNS:
- ACADIA Pharmaceuticals (ACAD) 4:01pm, $(0.13)
- Arena Pharmaceuticals (ARNA) 4:03pm, $0.15 - Preview
- Deckers Outdoor (DECK) 4pm, $3.79
- Gap (GPS) 4pm, $0.65
- KBR (KBR) 4:08pm, $0.91
- Kodiak Oil & Gas (KOG) 4:01pm, $0.18
- Medivation (MDVN) 4:10pm, $(0.09)
- Mentor Graphics (MENT) 4:05pm, $0.91
- Monster Beverage (MNST) 4:05pm, $0.46
- New Gold (NGD CN) 4:04pm, $0.03
- OmniVision Technologies (OVTI) 4:18pm, $0.35
- Ross Stores (ROST) 4pm, $1.01 - Preview
- Salesforce.com (CRM) 4:05pm, $0.06
- Salix Pharmaceuticals (SLXP) 4:01pm, $0.93
- SandRidge Energy (SD) 4:05pm, $0.00
- Sotheby’s (BID) 4pm, $1.41
- Splunk (SPLK) 4:02pm, $0.05
- Sprouts Farmers Market (SFM) 4:05pm, $0.06
- Universal Health Services (UHS) 5:01pm, $1.08
- Youku Tudou (YOKU) 4:30pm, $0.02
COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)
- Copper Trades Near December Low With Production Set to Expand
- Japan No Country for Old Farmers as 7-Eleven Takes Up the Plow
- EU Fines No Bar to Milk Output Gain as Price Surges: Commodities
- Brent Crude Declines to One-Week Low; Premium to WTI Narrows
- Gold Rally Restores Luster to ETFs After Slide: Chart of the Day
- Wheat Extends Loss as Demand Seen Easing Amid Argentina Exports
- Arabica Coffee Drops Following Surge on Brazil Crop-Forecast Cut
- China Copper Premium Slumps to Eight-Month Low as Yuan Weakens
- Palm Oil Climbing for Merchant’s Coleman on Dry Weather Risk
- Cattle Poised to Extend Rally With Hogs as U.S. Meat Supply Ebbs
- Oil Giants Sell Pipelines as Shale Strength Drives Deals: Energy
- Shale Boom Brings Rethinking of U.S. Crude Export Ban: QuickTake
- Europe Refiner Bull & Bear Pits New Markets vs. Tax: BI Outlook
- Gold Erases Drop in London, Is Little Changed at $1,332.07/Oz
CURRENCIES
GLOBAL PERFORMANCE
EUROPEAN MARKETS
ASIAN MARKETS
MIDDLE EAST
The Hedgeye Macro Team
