THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 3, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 1.85% downside to 1825 and 0.08% upside to 1861.                           

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.30 from 2.33
  • VIX closed at 14 1 day percent change of -0.28%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Personal Income, Jan., est. 0.2% (prior 0.0%)
  • 8:30am: Personal Spending, Jan., est. 0.1% (prior 0.4%)
  • 8:58am: Markit U.S. PMI Final, Feb., est. 56.7
  • 10am: ISM Manufacturing, Feb., est. 52 (prior 51.3)
  • 10am: Construction Spending m/m, Jan., est. -0.5% (prior 0.1%)

GOVERNMENT:

    • U.S. government to close D.C. offices on weather. Events may be delayed or postponed.
    • Obama urges Netanyahu to make Mideast peace now
    • Xi seeks terrorism crackdown after deadly China knife attack
    • N. Korea fires 2 short-range missiles off E. Coast: South
    • 8:30am: Netanyahu, Senate Foreign Relations Cmte Chairman Robert Menendez deliver remarks during morning session of American Israeli Political Action Cmte policy conf.
    • 11am: House Ways and Means Chairman Dave Camp attends briefing on tax code changes hosted by Institute for Policy Innovation
    • 3:30pm Energy Dept holds FY 2015 budget briefing
    • Obama, Netanyahu meet to discuss Israeli-Palestinian peace talks, Iran

WHAT TO WATCH:

  • Kerry heads to Ukraine as U.S. considering Russia sanctions
  • PepsiCo, Gazprom face sales threat on Ukraine standoff
  • Putin grab for Crimea shows trail of signs West ignored
  • Ukraine tension seen stoking energy costs on supply concern
  • Riverbed said to get buyout interest above Elliott’s offer
  • Banks’ corporate-bond sales said to face SEC favoritism probe
  • Google, Samsung said to express MSFT-Nokia concern to China
  • J. Crew said to hold sale talks with Fast Retailing
  • Uniqlo billionaire push for global crown fuels J. Crew talks
  • Buffett sets fresh goal as Berkshire misses 5-yr target
  • Roche to halt MetMab lung cancer trial after study failure
  • Obama said to trim budget request for struggling CFTC
  • Sbarro said to ready bankruptcy filing as mall traffic slows
  • Mexico said to question Citi workers in Oceanografia probe
  • Home Depot’s new president said to be groomed as CEO successor
  • Microsoft’s Nadella said to shake up staff with Penn role
  • Gap plans to expand in China w/up to 35 new stores: WSJ
  • Tablet sales rise 68% in 2013, Apple mkt share falls: Gartner
  • EPA said poised to lower U.S. sulfur limits on fuel
  • HSBC China Feb. manufacturing PMI 48.5, matching estimate
  • Macau casino rev. jumps to record after Chinese new year
  • Neeson’s ‘Non-Stop’ tops Lego film for N.A. box office lead
  • ‘12 Years a Slave’ Wins Academy Award for 2013 Best Picture
  • Winter storm missing New York set to bring worst to Washington
  • Feb. U.S. auto sales: Chrysler ~8am, Ford ~9:30am, GM ~10am

AM EARNS:

    • Akorn (AKRX) 6am, $0.14
    • Celldex Therapeutics (CLDX) 8:03am, ($0.28)
    • Rockwood Holdings (ROC) 6:30am, $0.32
    • Stillwater Mining Co (SWC) 8am, $0.06
    • Stratasys (SSYS) 6:30am, $0.49
    • WP Carey (WPC) 8am, $0.57

PM EARNS:

    • Ascena Retail Group (ASNA) 4:02pm, $0.21
    • AuRico Gold (AUQ CN) 4:37pm, break-even
    • Guidewire Software (GWRE) 4:01pm, $0.02
    • MBIA (MBI) 4:01pm, $0.17
    • McDermott International (MDR) 4:10pm, $0.16
    • PDL BioPharma (PDLI) 4:02pm, $0.41
    • URS (URS) 4:05pm, $0.18

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Climb to Six-Month High as Oil, Corn Rise on Ukraine
  • Brent Crude Surges as Ukraine Tension Escalates; WTI Advances
  • Hedge Funds Most Bullish on Gold Rally in 14 Months: Commodities
  • Copper Reaches Three-Month Low as Manufacturing Slows in China
  • Palm Oil Export Growth Stalling in Indonesia on Biodiesel Surge
  • Gold Climbs to Four-Month High as Ukraine Tension Boosts Demand
  • Sugar Falls as Delivery Seen Showing ‘Dire’ Demand; Coffee Rises
  • Wheat Advances With Corn as Ukraine Crisis Threatens Shipments
  • Rebar in Shanghai Rises as Chinese Lawmakers Meet on Policies
  • U.S. Natural Gas Rises a Second Day on Storm, Ukraine Escalation
  • Ukraine Tension Seen Stoking Oil, Gas Prices on Supply Risk
  • Gold Miners See Looming Output Drop After Cut in Spending
  • Oil at $100 Loss Warning Rejected by Norges Bank: Nordic Credit
  • Iron Ore Supply May Increase 50% by 2018, Model Shows

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CURRENCIES

 

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GLOBAL PERFORMANCE

 

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EUROPEAN MARKETS

 

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ASIAN MARKETS

 

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MIDDLE EAST

 

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The Hedgeye Macro Team