THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP - April 15, 2011

As we look at today’s set up for the S&P 500, the range is 9 points or -0.32% downside to 1301 and 0.37% upside to 1310.

 

SECTOR AND GLOBAL PERFORMANCE

We now have 5 of 9 sectors positive on TRADE and 8 of 9 sectors positive on TREND.    

THE HEDGEYE DAILY OUTLOOK - daily sector view

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING GLOBAL

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING GLOBAL

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: -1182 (-1105)  
  • VOLUME: NYSE 1042.27 (+0.20%)
  • VIX:  16.96 +10.70% YTD PERFORMANCE: -4.45%
  • SPX PUT/CALL RATIO: 1.80 from 2.11 (-14.69%)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 22.305
  • 3-MONTH T-BILL YIELD: 0.07%
  • 10-Year: 3.40 from 3.43
  • YIELD CURVE: 2.71 from 2.72

MACRO DATA POINTS:

  • 8:30 a.m.: Building Permits, est. 540k, prior 517k
  • 8:30 a.m.: Housing Starts, est. 520k, 479k
  • 11:00 a.m.: EU’s Barnier speaks at Banker’s conference in Brussels
  • 04:30 p.m.: API U.S. Crude Oil Inventories, est. 1187k 

WHAT TO WATCH:

  • Earnings: IBM, INTC, JNJ, GS, YHOO, WYNN, STX, PCAR, ISRG
  • Economic: March housing starts, building permits
  • Other: 11am Energy Department, Office of Fossil Energy meeting of Ultra-Deepwater advisory committee
  • Default Swaps Drop as Plant Cools, S&P Warns U.S.: Japan Credit
  • Greece Sells Bills as Two-Year Yield Tops 20%: Euro Credit

COMMODITY/GROWTH EXPECTATIONS:

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • China Crops in Shortest Supply as Vanishing Farms Spur Rising Food Futures
  • Oil Falls for a Second Day as Economic Outlook Prompts Fuel Demand Concern
  • Copper Rises, Rebounding From Losing Streak, on Robust China Manufacturing
  • Wheat Advances for a Third Day on Deteriorating Crop Conditions in U.S.
  • Gold, Near $1,500 an Ounce, Trades Little Changed in London; Silver Slips
  • Coffee Climbs on Speculation of Winter Crop Damage in Brazil; Cocoa Falls
  • Zinc Production in Japan Drops as Imports Set to Increase to 10-Year High
  • Sugar, Rice Output to Gain as India Predicts Normal Rain for Second Year
  • Gold May Reach Record $1,520, Sarin of Barclays Says: Technical Analysis
  • Steel Demand in Japan to Slow as Carmakers Cut Operations, Federation Says
  • Oil Bets at $80 Soar After Prices Approach Three-Year High: Energy Markets
  • Alumina Says Some Customers Are Balking at Change to Short-Term Cash Price
  • China Helps Domestic Seed Makers With Tax Breaks to Ensure Grain Security
  • U.S. Feedlots Purchase More Cattle Because of Drought, According to Survey

 

CURRENCIES:

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS:

  • European Stocks Rebound From Biggest Decline in a Month; LVMH, SKF Advance
  • Vedanta Said to Buy 11% of Cairn India From Petronas in $2.1 Billion Deal
  • European Services, Manufacturing Growth Unexpectedly Accelerates in April
  • J&J-Synthes Merger Obscures Product Recalls in Instant Makeover: Real M&A
  • Greek Default Drive Risks Reviving Euro-Region Contagion as Bonds Plunge
  • Wellink Calls ECB Rate Increase a Signal to Anchor Inflation Expectations
  • Novartis Rises as Profit, Sales Beat Estimates on Generic Lovenox, Gleevec
  • Tesco Full-Year Profit Rises Less Than Estimated as Quarterly Sales Drop
  • Frankfurt Cargo Suggests German Export Growth Will Slow: Chart of the Day
  • Bahrain Sukuk Beaten This Year by Emerging Debt on Unrest: Islamic Finance
  • Italy Shelving Nuclear Means Fiat to Keep Paying Most for Power in Europe
  • Kengeter Plan Thwarted at UBS Spurs Gruebel Cuts to Buoy Return on Equity

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

ASIA PACIFIC MARKETS:

  • Asia Stocks Fall For Third Day as U.S. Credit Outlook Cut; Cnooc Retreats
  • Euro Advances Versus Dollar, Yen as Data Points to Higher Interest Rates
  • Seagate to Buy Samsung’s Hard-Disk Unit for $1.38 Billion, Build Alliance
  • Apple Claims Samsung Copies IPhone, IPad in Galaxy Phone, Tablet Products
  • Bank Risk Rises Most Since January on Fitch Bad-Debt Warning: China Credit
  • Foreign Direct Investment in China Surges 33% as Zhou Sees Excess Reserves
  • Nuclear Power Bond Tests Confidence in World's Biggest Plant: India Credit
  • Google, Itochu, Sumitomo Buy Stake in $2 Billion Wind-Power Farm in Oregon
  • BRIC Stocks' Longest Rally Since 1997 Seen Doomed as Interest Rates Rise
  • Chinese Developers Soar In Hong Kong as Sales Defy Curbs: Chart of the Day
  • Asahi Bicycle Sales Double as Commuters Haunted by Quake Seek Alternative
  • China Crops in Shortest Supply as Vanishing Farms Spur Rising Food Futures

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING ASIA

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING ASIA

 

MIDDLE EAST:

THE HEDGEYE DAILY OUTLOOK - MIDEAST PERFORMANCE

THE HEDGEYE DAILY OUTLOOK - levels 419

Howard Penney

Managing Director