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TODAY’S S&P 500 SET-UP – March 26, 2014


As we look at today's setup for the S&P 500, the range is 24 points or 0.62% downside to 1854 and 0.66% 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: 2.28 from 2.32
  • VIX closed at 14.02 1 day percent change of -7.09%

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, March 21 (prior -1.2%)
  • 8:30am: Durable Goods Orders, Feb., est. 0.8% (prior -1%)
  • 9:45am: Markit U.S. Services PMI, March (p), est. 54.0 (prior 53.3)
  • 9:45am: Markit U.S. Composite PMI, March (p) (prior 54.1)
  • 10:30am: DOE Energy Inventories
  • 4pm: Fed releases capital analysis and review results
  • 8:20pm: Fed’s Bullard speaks in Hong Kong

GOVERNMENT:

    • President Obama attends U.S.-EU summit in Belgium, holds press conference, speaks at Palais des Beaux-Arts in Brussels
    • Senate may continue consideration of Ukraine aid bill
    • FY2015 budget hearings/panels:
    • House Appropriations hears from FBI Director James Comey; Air Force Sec. Deborah Lee James, Air Force Chief of Staff Mark Welsh; FEMA Administrator Craig Fugate
    • House Education and Workforce Cmte hears from Labor Sec. Thomas Perez
    • 10am: Supreme Court may issue opinions, hears Secret Service free speech case
    • 10am: House Natural Resources Cmte hears from U.S. Fish and Wildlife Director Dan Ashe on effect of wildlife laws on domestic energy
    • 10:30am: Senator John Hoeven, R-N.D., Rep. Lee Terry, R-Neb., Canadian Ambassador to U.S. Gary Doer, API, others hold press conf. on Keystone XL pipeline
    • 11am: House Speaker John Boehner holds press briefing
    • U.S. ELECTION WRAP: Ricketts Expanding Fund to Reduce Govt

WHAT TO WATCH:

  • Fed to release results from latest supervisory stress tests
  • Facebook to buy Oculus for ~$2b in cash, stock
  • King Digital raises $500m in Candy Crush maker’s U.S. IPO
  • Blackstone said close to Gates Global takeover: Reuters
  • Fed’s Bullard sees ‘bit of ambiguity’ on end date of QE
  • U.K. starts selling GBP4.23b stake in Lloyds Banking
  • Carlyle’s PQ Holdings said to draw offers From Blackstone, KKR
  • Target to tell Congress it’s probing slow response to hackers
  • Ukraine awaits IMF finding as Obama warns of consequences
  • Citic Pacific said planning to buy parent assets in $40b deal
  • Obamacare deadline extended for last-minute enrollees
  • News Corp. names Lachlan Murdoch non-executive chairman
  • HSBC accused of predatory lending in Cook County, Illinois
  • Toyota to repurchase up to 1.9% of shares
  • BlackRock’s Fink says activists hurting L-T outlook: WSJ

EARNINGS:

    • AGF Management (AGF/B CN) 8am, C$0.12
    • Francesca’s Holdings (FRAN) 7:30am, $0.28
    • HB Fuller (FUL) 6:01pm, $0.50
    • Lindsay (LNN) 7am, $1.13
    • Movado Group (MOV) 7am, $0.30
    • Paychex (PAYX) 4:01pm, $0.42
    • World Point Terminals (WPT) Aft-Mkt, $0.25

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • WTI Near One-Week Low as Crude Stockpiles Gain; Brent Steady
  • Copper Declines on Selling Following Biggest Jump in Six Months
  • U.S. Farmers Sow GMO Corn Banned From China Markets: Commodities
  • Gold Trades Above Five-Week Low as Ukraine Weighed Against Rates
  • Iron Ore Forecast Cut by Australia as Miners Increase Output
  • Japan Raises Wheat Import Plan From 4-Year Low as Output Falls
  • Coffee Drops With ‘Excessive Volatility’ on Drought; Cocoa Gains
  • Rebar in Shanghai Retreats on Demand Outlook, Iron Ore Decline
  • Raise a Glass of Scottish Wine to Climate That Made It Possible
  • Palladium Funds Adding Demand Amid Supply Woes: Chart of the Day
  • Rising Utility Costs Linger After Winter’s Chill Fades: Energy
  • China Gets Gas Bargain as Russia Hit by EU Sanctions: Bull Case
  • Pemex Bids to Keep All of Mexico’s Proven Oil Reserves, CEO Says
  • Wheat Climbs as U.S. Crop Conditions Deteriorate on Dry Weather

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