THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 11, 2014


As we look at today's setup for the S&P 500, the range is 27 points or 0.70% downside to 1864 and 0.74% upside to 1891.                                         

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.41 from 2.41
  • VIX closed at 14.2 1 day percent change of 0.64%

MACRO DATA POINTS (Bloomberg Estimates):

  • 5:30am: Bank of England’s Carney, others speak in London
  • 7:30am: NFIB Small Business Optim, Feb., est. 94 (pr 94.1)
  • 7:45am: ICSC retail sales
  • 8:55am: Redbook weekly sales
  • 10am: JOLTs Job Openings, Jan. (prior 3.99m)
  • 10am: Wholesale Inventories, Jan., est. 0.4% (prior 0.3%)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • President Obama to attend Democratic National Cmte, Democratic Senatorial Campaign Cmte events in New York
    • Vice President Biden meets with Colombian President Juan Manuel Santos before attending inauguration of Chilean President Michelle Bachelet in Santiago
    • 12:25pm: OMB Director Burwell speaks at Economic Club of Washington on Obama’s proposed FY15 budget
    • 11am: John Brennan delivers remarks on 1st yr as CIA director
    • 4pm: Sec. Jeh Johnson before House Homeland Security panel on agency’s 2015 budget proposal
    • U.S. election wrap: Florida primary tomorrow

WHAT TO WATCH:

  • Blackstone said to plan $5.5b Gates Global bid with TPG
  • Lloyds trader said to tip off BP on $500m currency deal
  • Ackman to show internal documents in Herbalife China webcast
  • SoftBank’s Son vows "price war" if T-Mobile deal approved
  • Russia holds firm on Crimea as Ukraine bolsters its defenses
  • Malaysia widens search for missing jet to Malacca Strait
  • Microsoft’s Titanfall game is being released
  • Bank of Japan sticks to easing plan as sales-tax bump looms
  • Sean Combs is said to bid $200m for MSG’s Fuse TV network
  • Jimmy Iovine’s Beats Music is said to raise up to $100m
  • House panel to probe GM recall of vehicles on ignition switches
  • Repo fire-sale proposal said within reach
  • Insurance cos. attempt to escape U.S. bank capital requirements
  • Honda makes Acura stand-alone division to boost luxury lineup
  • Energy Future said to hold last-minute talks to ease bankruptcy
  • Blackstone buys majority stake in Accuvant for $150m: WSJ
  • Wells Fargo reverses ban on staff making P2P loans, FT reports
  • Apple said to seek exclusive iTunes releases: L.A. Times

AM EARNS:

    • American Eagle Outfitters (AEO) 8am, $0.26 - Preview
    • Arcos Dorados Holdings (ARCO) 8am, $0.16
    • Dick’s Sporting Goods (DKS) 7:30am, $1.11 - Preview
    • John Wiley & Sons (JW/A) 8am, $0.85
    • Springleaf Holdings (LEAF) 7:30am, $0.45
    • Synta Pharmaceuticals (SNTA) 6:45am, ($0.30)
    • Transcontinental (TCL/A CN) 10:30am, $0.34

PM EARNS:

    • Caesars Entertainment (CZR) 4pm, ($1.52)
    • Diamond Foods (DMND) 4:01pm, $0.08
    • Furiex Pharmaceuticals (FURX) 4:05pm, ($1.06)
    • Inter Parfums (IPAR) 4:05pm, ($0.17)
    • NCI Building Systems (NCS) 4:01pm, ($0.01)
    • VeriFone Systems (PAY) 4:01pm, $0.27

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Iron Ore Bear Market Deepens Amid China Credit, Surplus Concerns
  • WTI Trades Near 3-Week Low as Supplies Seen Rising; Brent Stable
  • Nickel Pioneer Shut Out as China Cuts Smokestacks: Commodities
  • Copper Rebounds as Barclays Says Worst Selling May Have Passed
  • Corn Extends Slump to One-Week Low as USDA Signals Ample Supply
  • Gold Climbs Toward Four-Month High as Ukraine Spurs Haven Demand
  • Indonesian Exchange Sets Daily Suggested Opening Bid for Tin
  • Corn Extending Rally With Wheat for CBH on Ukraine Supply Risk
  • Rebar Rises After Biggest Three-Day Decline Since October 2011
  • Japan’s Giant Tsunami Wall Fails to Stop Atomic Power Fears
  • Palm Oil Drops as Prices at 18-Month High Seen Cutting Demand
  • Ukraine Crisis Endangers Exxon’s Black Sea Gas Drilling: Energy
  • Record Bullish Oil Bets May Deepen Any Slump: Chart of the Day
  • Tin Shipment Seized by Indonesian Navy En Route to Singapore

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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