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TODAY’S S&P 500 SET-UP - April 20, 2011

As we look at today’s set up for the S&P 500, the range is 25 points or -0.20% downside to 1310 and 1.70% upside to 1335.

SECTOR AND GLOBAL PERFORMANCE

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: +1026 (+2908)  
  • VOLUME: NYSE 836.38 (-19.8%)
  • VIX:  15.83 -6.7% YTD PERFORMANCE: -4.45%
  • SPX PUT/CALL RATIO: 1.80 from 2.11 (-10.82%)

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: 21.291  22.305
  • 3-MONTH T-BILL YIELD: 0.06%
  • 10-Year: 3.39 from 3.40
  • YIELD CURVE: 2.71 from 2.71

MACRO DATA POINTS:

  • 07:00a.m.: MBA Mortgage Applications, Apr 15, 5.3% actual
  • 10:00 a.m.: Existing Home Sales, est 5.0m, 4.88m prior

WHAT TO WATCH:

  • DoJ said to query market participants about how takeover of NYSE would affect competition in equity listings
  • Chi-X Global said to be in advanced talks with four banks, trading firms to sell minority stake: FT
  • Berkshire Partners in talks to buy Husky Injection Molding Systems in deal that could be worth up to $2b: Globe and Mail
  • EBay may announce as soon as today purchase of WHERE, service that lets mobile-phone users get info. on nearby businesses
  • AES agreed to buy DPL Inc. for $3.5b in cash, adding more than 500k customers in Ohio, AES said earlier today
  • Panasonic set to announce plans to move its North American HQ to Newark, New Jersey, later today

COMMODITY/GROWTH EXPECTATIONS:

THE HEDGEYE DAILY OUTLOOK - daily commodity view

 

COMMODITY HEADLINES FROM BLOOMBERG:

  • Gold Exceeds $1,500 as Dollar Drops on Concern About U.S., European Debts
  • Sugar Exports From Thailand to Climb 36% as Yields Surge on La Nina Rains
  • Copper Rises as Dollar Weakens; Aluminum Reaches Highest Price Since 2008
  • Tepco's LNG Imports to Jump 50% as Japan Rewrites Policy: Energy Markets
  • Wheat Set for Longest Advance in Three Months on Dry Weather; Corn Climbs
  • Sugar Rises for Second Day as Brazil Supply May Be Delayed; Coffee Climbs
  • Cotton Farmers in China Fail to Boost Crop, Top Agency Says; Prices Climb
  • India May Ease Sugar, Wheat Export Bans Amid Predictions for Normal Rains
  • China Issues Emergency Notice to Curb Aluminum Projects Amid Overcapacity
  • Cotton Moving Average Signals 12% Drop, FCStone Says: Technical Analysis
  • Cut Diamonds Outpacing Gold Still `Grossly Undervalued': Chart of the Day
  • Rusal May Reach Agreement on $4 Billion Syndicated Loan as Early as May
  • Corn, Cotton Rallies May Weaken as U.S. Output Shifts, Deere's Allen Says
  • Hindalco, Sterlite Said to Have Doubled Copper Refining Fees After Quake 

CURRENCIES:

THE HEDGEYE DAILY OUTLOOK - daily currency view

EUROPEAN MARKETS:

  • European Stocks Rise as Peugeot, L’Oreal Sales Spur Confidence in Recovery
  • Bank of England Voted 6-3 to Hold Rate as Majority Highlighted ‘Downside’
  • Company Refinancing, Sovereign Debt Hurt European Recovery, Moody’s Says
  • Peugeot First-Quarter Sales Rise 10% on New Models, Emerging Market Demand
  • Vodafone May Consider IPO of Indian Joint Venture After 2011, Colao Says
  • ECB Raising Rates May Turn Into Mistake Weakening Euro, Standard Life Says
  • Cat Bonds Find Bottom After Quake Triggers Biggest Losses: Credit Markets
  • Long Bond Scrapped as Yield Gap Nears Widest Since January: Russia Credit
  • Farmers Get Rich as Wheat Trade Gives Deere Record Profit: Freight Markets
  • Yen, Dollar Decline as Stocks Gain; Euro Advances on Interest-Rate Outlook
  • Audi Targets ‘Suburban Mommies’ With Compact SUV Rivaling BMW’s X1 Model
  • Skyscraper Boom Reaches End as City of London Goes 'From Vanity to Sanity'

THE HEDGEYE DAILY OUTLOOK - BEST PERFORMING EURO

THE HEDGEYE DAILY OUTLOOK - WORST PERFORMING EURO

ASIA PACIFIC MARKETS:

  • Asian Stocks Rise as U.S. Housing, Earnings Boost Confidence; BHP Advances
  • Li’s ‘Superman’ Status Tested in Hong Kong as Yuan IPO Meets Tepid Demand
  • China Mobile First-Quarter Profit Rises, Helped by Wireless Internet Usage
  • Thailand Raises Benchmark Interest Rate to 2.75% as Inflation Accelerates
  • Power Bonds Rally Before First Global Bond Offering of 2011: India Credit
  • China Issues Emergency Notice to Restrict Aluminum Projects; Prices Jump
  • Indonesian Millionaire Uno Sees More Buyouts as Conglomerates Sell Units
  • Vedanta May Use $1.5 Billion Cairn India Purchase as Hedge for Open Offer
  • Acer Declines to Lowest in Two Years After Cutting Forecast for Shipments
  • Tepco's LNG Imports to Jump 50% as Japan Rewrites Policy: Energy Markets
  • New York Loses to Shanghai as Toyoda, Ghosn Head to China’s Top Auto Show
  • Christchurch Banker Exodus After Quake is Aftershock For Property Market

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 420

Howard Penney

Managing Director