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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

THE HEDGEYE DAILY OUTLOOK - 1

THE HEDGEYE DAILY OUTLOOK - 2

 

EQUITY SENTIMENT:

 

THE HEDGEYE DAILY OUTLOOK - 10                                                                                                                                                                  

 

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

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