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TODAY’S S&P 500 SET-UP – March 27, 2014


As we look at today's setup for the S&P 500, the range is 36 points or 0.57% downside to 1842 and 1.37% 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: 2.25 from 2.25
  • VIX closed at 14.93 1 day percent change of 6.49%

MACRO DATA POINTS (Bloomberg Estimates):

  • 8:30am: GDP q/q, 4Q final, est. 2.7% (prior 2.4%)
  • Personal Consumption, 4Q, est. 2.7% (prior 2.6%)
  • GDP Price Index, 4Q, est. 1.6% (prior 1.6%)
  • Core PCE q/q, 4Q, est. 1.3% (prior 1.3%)
  • 8:30am: Fed’s Pianalto speaks in Dayton, Ohio
  • 8:30am: Jobless Claims, March 21, est. 323k (prior 320k)
  • Continuing Claims, March 14, est. 2.882m (prior 2.889m)
  • 9:45am: Bloomberg Consumer Comfort, March 23 (prior -29.0)
  • 10am: Pending Home Sales m/m, Feb., est. 0.2% (prior 0.1%)
  • Pending Home Sales y/y, Feb., est. -9% (prior -9.1%)
  • 10am: Freddie Mac mortgage rates
  • 10:30am: EIA natural-gas storage change
  • 11am: Kansas City Fed Manufacturing, March, est. 5 (prior 4)
  • 9:30pm: Fed’s Evans speaks in Hong Kong

GOVERNMENT:

    • FY2015 budget hearings/panels:
    • 10am: House Appropriations panel: Army Sec. John McHugh, Army Chief of Staff Raymond Odierno
    • 10am: House Appropriations panel EPA Administrator Gina McCarthy
    • 10am:House Appropriations panel: FDA Commissioner Margaret Hamburg
    • 1:30pm: House Appropriations panel:VA Sec. Eric Shinseki
    • 10am: Senate Judiciary Cmte marks up S. 1720, Patent Transparency and Improvements Act
    • 12:30pm: Zillow CEO Spencer Rascoff at Advisory Cmte to the Congressional Internet Caucus
    • Obama meets Pope Francis in Vatican City, President Giorgio Napolitano, Prime Minister Matteo Renzi of Italy in Rome
    • *U.S. ELECTION WRAP: Democrats’ Senate Playbook; GOP Strategy

WHAT TO WATCH:

  • Citigroup fails Fed’s stress test as BofA gets div. boost
  • Fed Capital Wrap: Who boosted dividends?
  • RBS stress test failure may hinder sale of U.S. unit
  • UBS said to suspend FX traders in New York, Zurich, Singapore
  • Yahoo Japan to buy EAccess from SoftBank for $3.17b
  • IMF announces staff level pact on Ukraine bailout loan
  • Malaysian air tragedy families seeking data from airline, Boeing
  • Babcock to buy helicopter provider Avincis for $1.52b
  • Facebook seen struggling to win developers for virtual plans
  • Sprint planning to offer low-cost airwaves to rural users
  • Boeing splits new ANA plane order with Airbus
  • Twitter preparing new music strategy, WSJ says
  • Tencent leads Asian internet shr drop; off most since 2011
  • Essex Property to replace Cliffs Natural in S&P 500
  • Microsoft to unveil Office for iPad program today
  • ProSiebenSat.1 buys 20% of YouTube video maker for web growth

AM EARNS:

    • Accenture PLC (ACN) 7am, $1.04
    • Commercial Metals Co (CMC) 7am, $0.10
    • Conn’s (CONN) 7am, $0.78
    • Fred’s (FRED) 7:45am, $0.15
    • GameStop (GME) 8:30am, $1.93 - Preview
    • Leidos Holdings (LDOS) 6am, $0.45
    • Lululemon Athletica (LULU) 7:15am, $0.72 - Preview
    • Signet Jewelers (SIG) 6:30am, $2.15
    • Winnebago Industries (WGO) 7am, $0.30
    • Worthington Industries (WOR) 8:30am, $0.58

PM EARNS:

    • Oxford Industries (OXM) 5:30pm, $0.86
    • Progress Software (PRGS) 4:15pm, $0.28
    • Red Hat (RHT) 4:04pm, $0.37 - Preview
    • Restoration Hardware Holdings (RH) 4:02pm, $0.83

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

  • Gold Declines to Six-Week Low on Outlook for Less U.S. Stimulus
  • Top Emerald Miner Targets Colombia Grappling With Gemstone Mafia
  • Chinese Pigs Eating Soy Cut U.S. Supply to 1965 Low: Commodities
  • WTI Near One-Week High as Cushing Inventories Fall; Brent Steady
  • Sugar Output in India Seen Jumping as Subsidy Boosts Exports
  • Copper Rises as Investors Unwinding Quarterly Bets: LME Preview
  • Sugar Rises for Fourth Session on El Nino Worries; Cocoa Falls
  • Rusal Wins U.K. Lawsuit Challenging LME Warehousing Rules
  • Soybeans Climb to One-Week High as U.S. Reserves Seen Declining
  • Gold Imports by India Seen Rebounding by Billionaire Jeweler
  • Soros-Endorsed Sale of U.S. Oil Reserves Seen as Russian Penalty
  • Oil-Price Gains Seen by Investors Shifting Cash Into Energy ETFs
  • Iraq Oil Income to Jump on Decades-High Output: Chart of the Day
  • Singapore Exchange Said to Plan Starting Physical Gold Trade

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