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TODAY’S S&P 500 SET-UP – March 24, 2014


As we look at today's setup for the S&P 500, the range is 27 points or 0.83% downside to 1851 and 0.62% 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: 2.31 from 2.32
  • VIX closed at 15 1 day percent change of 3.31%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: Chicago Fed Natl Activity, Feb., est. 0.10 (pr. -0.39)
  • 9am: Fed’s Stein speaks in Washington
  • 9:45am: Markit U.S. PMI Prelim., March, est. 56.5 (prior 57.1)

GOVERNMENT:

    • President Obama attends Nuclear Security Summit in The Hague, meets with G-7 leaders to discuss Ukraine
    • Senate meets to consider S.2124, its Ukraine aid bill, at 2pm, votes expected 5:30pm
    • 9:30am: Supreme Court lists cases it plans to consider
    • U.S. ELECTION WRAP: Chemical Group Is Third-Biggest in 2014 Ads

WHAT TO WATCH:

  • Advent, Bain to buy Nordic payment firm Nets for $3.1b
  • Apple said in talks with Comcast on streaming-TV service: WSJ
  • Nokia says completion of Microsoft deal is delayed until April
  • China manufacturing gauge unexpectedly falls in March
  • Chinese jet spots objects in search area as weather worsens
  • JPMorgan’s China investment banking CEO Fang Fang to leave
  • CFTC issues warning of possible legal action in swaps probe: FT
  • U.S., EU free trade deal to limit investor protection: FAZ
  • Euro-area March PMI falls to 53.2 vs 53.3, matches est.
  • Obama in Europe, Stress Tests, Microsoft: Wk Ahead March 22-29

EARNINGS:

    • Sonic (SONC) 4:01pm, $0.06

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Declines on Fed as Palladium Reaches Highest Since 2011
  • Korea Seeks Cut of $3 Billion Illegal Gold Trade With New Market
  • Hedge Funds Defy Goldman as Gold Bears Thank Yellen: Commodities
  • China to Restart Copper Recycling Tax Rebate, Metals Group Says
  • Copper Drops in London as China’s Slowdown Seen Curbing Demand
  • Brent Oil Slips for First Time in Three Days on China; WTI Holds
  • Silver Vault for 600 Tons Starting in Singapore as Demand Climbs
  • Rubber Drops to 2-Week Low as China’s Slowdown May Weaken Demand
  • Corn Climbs as Demand Growing for U.S. Supplies; Soybeans Drop
  • Japan’s Copper-Alloy Demand Seen Little Changed as Tax Increases
  • Houston Channel Closed to Contain 4,000-Barrel Oil Spill
  • Ukraine Billionaire Sought by U.S. Has Key to Putin Gas Cash
  • Indonesia Commando Turns Rancher in Would-Be Path to Leader
  • Tin at $24,000 Is Seen as ‘Ideal Level’ for Indonesia’s ICDX

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