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TODAY’S S&P 500 SET-UP – March 20, 2014


As we look at today's setup for the S&P 500, the range is 29 points or 0.63% downside to 1849 and 0.93% upside to 1878.                                       

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: 2.35 from 2.35
  • VIX  closed at 15.12 1 day percent change of 4.13%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Initial Jobless Claims, March 15, est. 322k (prior 315k)
  • Continuing Claims, March 8, est. 2.880m (prior 2.855m)
  • 9:45am: Bloomberg Economic Expectations, March (prior -3)
  • Bloomberg Consumer Comfort, March 16 (prior -27.6)
  • 10am: Philadelphia Fed Business Outlook, March., est. 3.2 (prior -6.3)
  • 10am: Freddie Mac mortgage rates
  • 10am: Existing Home Sales, Feb., est. 4.60m (prior 4.62m)
  • Existing Home Sales m/m, Feb., est. -0.4% (prior -5.1%)
  • 10am: Leading Indicators, Feb., est. 0.2% (prior 0.3%)
  • 10:30am: EIA natural-gas storage change
  • 2:40pm: President Obama at Valencia College in Orlando, Fla. for economy event
  • 4pm: Fed releases Dodd-Frank stress test results

GOVERNMENT:

    • 8:25am: Marriott CEO Arne Sorenson, Hilton CEO Christopher Nassetta attend Economic Club of Washington, D.C
    • 9:45am: House Democratic Leader Nancy Pelosi holds press conf.
    • 10am: Federal Energy Regulatory Commission holds open meeting
    • U.S. Election Wrap: Obama in Florida, FEC deadline for filings
    • Obama in Fla. to deliver speech on U.S. economy 2:40pm

WHAT TO WATCH:

  • Fed releases CCAR/Dodd-Frank stress test results 4pm
  • Ukraine’s interim PM warns of Russian escalation in east
  • U.S. cos. with Russia ops urged to update evacuation plans
  • Search for Malaysia jet advances as objects spotted in ocean
  • GM sued in California over ignition switch defect
  • Starbucks to expand evening alcohol sales to 1,000s of stores
  • Boeing oversight of 787 contractors faulted by FAA
  • JAL, JetBlue to increase number of codeshare flights
  • IMF says Greek banks may need more capital than ests. show
  • Europe’s CHMP concludes monthly mtg

EARNINGS:

    • AAR (AIR) 4:05pm, $0.48
    • Cato  (CATO) 7am, $0.13
    • ConAgra Foods (CAG) 7am, $0.60
    • dELiA*s (DLIA) 4:05pm, NA
    • IHS (IHS) 6am, $1.25
    • Lennar (LEN) 6am, $0.28 - Preview
    • New Residential Investment (NRZ) 6am, $0.17
    • NIKE (NKE) 4:15pm, $0.72 - Preview
    • Silver Wheaton (SLW CN) 5:06pm, $0.24
    • Wet Seal (WTSL) 4:05pm, ($0.24)

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Trades Near $100 After Cushing Stockpiles Drop; Brent Steady
  • El Nino Probable by July for MDA as Temperatures Warm in Pacific
  • Gold Trades Near 3-Week Low as Fed Outlook Weighed With Ukraine
  • Copper as Economy Sage Fails as Growth Defies Slump: Commodities
  • Coffee Falls as Brazil Rains Prompt Fund Sales; Sugar Declines
  • Copper Falls First Time in Five Days on Fed Rate Outlook, China
  • Wheat Retreats as Advance to 10-Month High Seen Curbing Demand
  • JPMorgan Ranked No. 1 in Commodities in 2013 With Goldman No. 2
  • Rubber Posts Biggest Weekly Drop Since January on China Slowing
  • Wildcatters Rush Spindletop in Return to East Texas Oil: Energy
  • Margarita Fans Miffed as Mexican Lime Growers Squeeze Supply
  • Wrong Fuel Seen Extending Worst Europe Refinery Rout Since 1980s
  • Domestic Chinese Iron Ore Reaches Multi-Year Low, SGX Holds on
  • Russian Asia Oil Exports to Grow at Europe Expense, Rosneft Says

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