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TODAY’S S&P 500 SET-UP – February 28, 2014


As we look at today's setup for the S&P 500, the range is 30 points or 1.47% downside to 1827 and 0.15% upside to 1857.                               

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 2.32
  • VIX closed at 14.04 1 day percent change of -2.16%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Revised GDP q/q, 4Q, est. 2.5% (prior 3.2%)
  • 9:45am: Chicago Purchasing Mgrs, Feb., est. 56.4 (pr 59.6)
  • 9:55am: UofMich. Conf, Feb. final, est. 81.2 (prior 81.2)
  • 10am: Pending Home Sales m/m, Jan., est. 1.8% (prior -8.7%)
  • 10:15am: Fed’s Stein, Kocherlakota, Evans, Plosser speak
  • 1pm: Baker Hughes rig count

GOVERNMENT:

    • 4:45pm Obama DNC speech topics may incl mid-term elections, Affordable Care Act, immigration laws

WHAT TO WATCH:

  • Mt. Gox files for bankruptcy in Tokyo with 6.5b yen debt
  • Euro-area February inflation exceeds economists’ forecasts
  • Yuan drops most on record amid band widening speculation
  • Apple wins dismissal of $2.2b patent suit in Germany
  • AT&T said to build Europe case amid silence on Vodafone
  • Jos. A. Bank seeks talks with Men’s Wearhouse on deal
  • Berkshire Hathaway annual report to be posted Saturday
  • United sees rev. cut after 22,500 flights erased by storms
  • IBM begins cutting U.S. jobs in $1b restructuring plan
  • Salesforce projects 1Q rev. that may top ests.
  • Gap profit exceeds estimates as deep discounts draw shoppers
  • Gunmen occupy Crimea airports, Ukraine seeks IMF financial aid
  • U.S. Jobs, Obama’s Budget, Buffett, ECB: Week Ahead March 1-8

AM EARNS:

    • 3D Systems (DDD) 8am, $0.19
    • Auxilium Pharmaceuticals (AUXL) 7am, $0.21
    • BroadSoft (BSFT) 7am, $0.41
    • Endo Health Solutions (ENDP) 6:32am, $0.93
    • Exelis (XLS) 6:15am, $0.45
    • Golar LNG (GLNG) premkt, ($0.07)
    • Iron Mountain (IRM) 6am, $0.22
    • Isis Pharmaceuticals (ISIS) 8:30am, ($0.16)
    • Lexicon Pharmaceuticals (LXRX) 6am, ($0.05)
    • Liberty Interactive (LINTA) 7:30am, $0.46
    • Liberty Media (LMCA) 7:30am, $0.60
    • Northwest Natural Gas Co (NWN) 6am, $1.03
    • NRG Energy (NRG) 6:49am, $0.23
    • Pepco Holdings (POM) 6:03am, $0.21
    • Vantage Drilling Co (VTG) 7am, $0.08

PM EARNS:

    • Dyax (DYAX) 4:01pm, ($0.04)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trims Monthly Gain on U.S. Demand, Discount to Brent Narrows
  • Drought Threatens Southeast Asia Food Prices as Haze Worsens
  • Nickel Reaches One-Week High on Speculation Supply to Tighten
  • Gold Declines in London as Traders Book Profits Following Climb
  • Natural Gas Heads for Biggest Weekly Drop in New York Since 1996
  • Wheat Heads for Biggest Monthly Gain Since 2012 on U.S. Concern
  • Coffee Declines as Rally Prompts Brazilian Sales; Cocoa Advances
  • EU Sugar Plans Pit Growers Against Food Makers After Prices Fall
  • Freeport May Declare Force Majeure at Grasberg Mine on New Rules
  • London Gold Fix Study Indicates Decade of Bank Manipulation
  • Afghanistan $3 Trillion Minerals Won’t Go Anywhere Without Rails
  • Frozen East Coast Pays as Law Blocks Cheaper Fuel Flows: Energy
  • Cosan Seeks $4.7 Billion Deal to Streamline Sugar Transportation
  • Rebar in Shanghai Falls a Third Month as China Demand Weakens

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