THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – March 18, 2014


As we look at today's setup for the S&P 500, the range is 20 points or 0.69% downside to 1846 and 0.39% upside to 1866.                       

SECTOR PERFORMANCE

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EQUITY SENTIMENT:

 

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CREDIT/ECONOMIC MARKET LOOK:

  • YIELD CURVE: 2.32 from 2.33
  • VIX closed at 15.64 1 day percent change of -12.23%

MACRO DATA POINTS (Bloomberg Estimates):

  • Federal Open Market Cmte begins 2-day mtg
  • 7:45am: ICSC weekly sales
  • 8:30am: CPI m/m, Feb., est. 0.1% (prior 0.1%)
  • CPI Ex Food and Energy m/m, Feb., est. 0.1% (prior 0.1%)
  • 8:30am: Housing Starts, Feb., est. 910k (prior 880k)
  • 8:30am:  Building Permits, Feb., est. 960k (prior 937k, revised 945k)
  • 8:55am: Redbook weekly sales
  • 9am: Net Long-term TIC Flows, Jan., est. $40.0b (pr -$45.9b)
  • 4:30pm: API weekly oil inventories

GOVERNMENT:

    • 8am: SEC Chief Economist Craig Lewis speaks at ICI
    • 8:30am: David S. Cohen, U.S. Treasury undersecretary for terrorism & financial intelligence speaks on virtual currencies at Bloomberg event
    • 9am: RNC Chairman Reince Priebus at Christian Science Monitor
    • 10am: DNC Chairwoman Rep. Debbie Wasserman Schultz at Natl Press Club
    • US. Election Wrap:  Illinois Race; Ads by Billionaires

WHAT TO WATCH:

  • Federal Open Market Cmte begins 2-day mtg
  • High-speed trading said to face New York probe over fairness
  • Russia creeps towards economic crisis as sanctions near
  • Malaysia Air disappearance among longest in modern aviation
  • Obamacare reshuffles insurance market share, report says
  • Wal-Mart plans video-game trade-in service March 26
  • Amazon to start selling video-streaming device in April: WSJ
  • Microsoft said to unveil Office for IPad on March 27
  • Target to sell products simultaneously with TV shows: NYT
  • Rep. Camp’s bank tax plan under attack from Wall St.: WSJ
  • Shell, Phillips 66 purchase majority of SPR oil sale
  • Italy may cut F-35 JSF order to 45 vs 90, Corriere says

EARNINGS:

    • Adobe Systems (ADBE) 4:05pm, $0.25 - Preview
    • Alimentation Couche Tard (ATD/B CN) 8:40am, $0.92
    • DSW (DSW) 7am, $0.29
    • FactSet Research Systems (FDS) 7am, $1.22
    • Hertz Global Holdings (HTZ) 6am, $0.32
    • Oracle (ORCL) 4:01pm, $0.70 - Preview
    • Pacific Sunwear of California (PSUN) 4pm, ($0.19)
    • Renren (RENN) 6pm, ($0.12)
    • Yingli Green Energy Holding Co (YGE) 6am, ($0.18)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Extends Retreat From Highest in Six Months Before Fed Meets
  • Gold-Mining ETF Outshines Bullion Fund as Haven Bet: Commodities
  • Brent Trades Near Six-Week Low as Crimea Risk Fades; WTI Steady
  • Nickel Heads for Bull Market as Russia Clouds Supply Outlook
  • Corn Rebounds in Chicago Trading, Erasing Earlier Declines
  • StanChart Sees Global Sugar Deficit in 2014-15 of 1 Mln Tons
  • Ukraine Tackling Gas Corruption Means Potatoes for Poor: Energy
  • Default Risk for China Copper Financing Seen Low: StanChart
  • European LNG Imports Fell to 9-Yr Low in 2013 as Prices Rose: BG
  • French Flour Miller Vivescia Sees Market for Sustainable Wheat
  • April Jet Fuel Swaps Drop to Eight-Month Low: Asia Distillates
  • EU Mulls Renewables-Linked Aid to 62 Industries, Draft Shows
  • Thai Rice Crops Damaged as Drought Spreads Across 28 Provinces
  • Rebar Rises 1st Time in 3 Days on China Seasonal Demand Outlook
  • Agricultural Commodities Could Be “Next Big Story,” HSBC Says

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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