THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 4, 2014


As we look at today's setup for the S&P 500, the range is 35 points or 1.07% downside to 1826 and 0.83% upside to 1861.                           

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.33 from 2.30
  • VIX closed at 16 1 day percent change of 14.29%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7:45am: ICSC weekly sales
  • 8:55am: Johnson/Redbook weekly sales
  • 9:45am: ISM New York, Feb. (prior 64.4)
  • 10am: IBD/TIPP Economic Optimism, March, est 45.3 (pr 44.9)
  • 4:15pm: Fed’s Lacker speaks in New York
  • 4:30pm: API weekly oil inventories

 GOVERNMENT

    • NOTE: Weather may lead to delays, postponements
    • President Obama formally submits budget request for FY2015
    • Texas kicks off primary season, including Senate vote
    • 8:45am: Federation of American Hospitals holds public policy conf., with Senate Finance Cmte Chairman Ron Wyden, House Budget Cmte Chai Paul Ryan, CMS Administrator Marilyn Tavenner
    • 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

WHAT TO WATCH:

  • Russia stays in Ukraine, says intervention is legitimate
  • Putin scheduled to speak on Ukraine
  • Secretary Kerry due to arrive in Kiev today
  • Ukraine crisis seen building support for U.S. natgas export
  • BOE seeks derivs pact to prevent repeat of Lehman cascade
  • Dish gains Web rights to Disney TV shows in multiyear pact
  • President Obama formally submits budget request for FY2015
  • Pentagon seeks weapons spending $25b less than planned
  • Senate banking committee hearing on Fed nominees postponed
  • JPMorgan pays $400m to settle Syncora mortgage-bond suits
  • Jeep debuting at Geneva auto show is test for Fiat Chrysler
  • Rock-Tenn to buy Simpson Tacoma paper mill for $343m
  • Patton Boggs hires advisers, says not cutting jobs: WSJ
  • Bridgepoint said to seek up to $5.5b for European buyouts
  • Alexion’s $569k drug draws data demand from U.K. cost agency
  • Glencore CEO sees no roadblock in talks for $5b mine sale
  • Facebook said in talks to buy Titan Aerospace: TechCrunch
  • Los Angeles poised to restrict $1.5b e-cigarette industry
  • Human traders squeezed in Europe as fees dwindle, Tabb says

EARNINGS:

    • ABM Industries (ABM) 5pm, $0.25
    • AutoZone (AZO) 7am, $5.56
    • Bank of Nova Scotia (BNS CN) 6am, $1.34  - Preview
    • Bob Evans Farms/DE (BOBE) 4:02pm, $0.53
    • EW Scripps Co (SSP) 7:30am, $0.13
    • Insys Therapeutics (INSY) 7am, $0.55
    • Smith & Wesson Holding (SWHC) 4:05pm, $0.29
    • Veeva Systems (VEEV) 4:02pm, $0.06

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Commodities Slide From Six-Month High as Ukraine Concern Recedes
  • Gold Drops From Four-Month High After Russia Military Drill Ends
  • Grain Boom Busting Canada Farmers on Clogged Rails: Commodities
  • WTI Falls From Four-Month High With Brent as Ukraine Risk Ebbs
  • Gold Bulls Run for $1,400 as Ukraine Turmoil Spurs Haven Demand
  • Wheat Drops After Surging Most Since 2012 as Russian Drill Ends
  • Copper Rises From Three-Month Low on Signs Ukraine Tension Eased
  • Ukraine Grain Growers See Threat to Planting as Troops Mobilize
  • Iron Ore Cost Curve Shows 98% of World Output Profitable at $118
  • Ukraine Crisis Seen Building Support for U.S. Natural Gas Export
  • Europe Gas Storage Seen Enough for 45-Day Ukraine Supply Cut
  • WTI May Fall to $95 in 2015 as Supply Pace Remains Buoyant
  • Platinum Strike Union Softens Pay Demands at Biggest Mines
  • Demon Oil Back in Colombian Rebels’ Crosshairs: Chart of the Day

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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